Dangote Set to Invest $4.6bn in Sugar, Rice, Dairy Production

President and Chief Executive, Dangote Group, Aliko Dangote, made this known at a gala night held in Lagos on Wednesday for distributors and value chain customers of Dangote products nationwide. He said that his company was ready and committed to eliminate the country’s reliance on imported materials, and help save the foreign exchange trouble on Nigeria’s foreign reserve.

To him, the huge investment on agricultural projects by the company has shown that it believes in the vast economic potential of Nigeria. The president of the Dangote group noted that the company’s target is to ensure that Nigeria becomes self-sufficient in all the sectors where it operates.

His words: “We are a major player in the food sector where our business units; Dangote Flour Mills, Dangote Sugar Refinery and NASCON Allied Industries are clear leaders in their respective fields. We are firm believers in the vast economic potential of Nigeria. This has informed our desire to invest massively in some states across the country.

Our target is to ensure that Nigeria becomes selfsufficient in all the sectors where we play. “We will continue to launch massive agricultural projects across the country in rice and dairy farming. Our push for backward integration in providing our own raw materials on a massive scale has led to the planned investment of $4.6 billion over the next three years in sugar, rice and dairy production alone.

That will eliminate the country’s reliance on imported materials, and the foreign exchange headaches that come with it,” he added. He explained that the company is acquiring about 150,000 hectares for sugar plantation in Adamawa, Taraba, Nasarawa, Kwara, Kogi and Niger states.

This is set to generate over 100,000 jobs for teeming Nigerians at completion date. “We signed an MoU with the Nasarawa State government recently, for the construction of an integrated sugar complex located at Tunga. We envisage that we will generate over 100,000 employment opportunities from all these sugar projects,” he said.

Source: Newtelegraph