By Darasimi Kikelomo
Dangote Sugar Plc has reaffirmed its commitment to inject over $700 million into the Backward Integration Program (BIP) within Nigeria’s sugar sub-sector.
Aliko Dangote, the Chairman of the company, made this declaration during the 18th Annual General Meeting (AGM) held in Lagos. He emphasized that the realization of the objectives outlined in the Sugar Backward Integration Master Plan remains a top priority for the company.
This substantial investment is poised to yield significant benefits, particularly in terms of foreign exchange (FX) savings, thereby mitigating operational challenges. Dangote highlighted the positive impacts this initiative will have on the company, its stakeholders, and the nation as a whole.
Despite encountering challenges such as the adverse effects of FX fluctuations and liquidity constraints, Dangote Sugar remains steadfast in its efforts to secure the necessary funding for its backward integration projects. Specifically, concerted actions are underway to facilitate the development of the Nasarawa Sugar Company Limited project located in Tunga, Awe Local Government Area of the state.
The commitment to investing in backward integration underscores Dangote Sugar’s unwavering dedication to fostering sustainable growth and development within Nigeria’s sugar industry.
