Dangote Sugar Plc to end sugar importation in 2028

Date:

May 1, 2024.

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Azonuchechi Chukwu.

The Chairman of Dangote Sugar Plc, Alhaji Aliko Dangote, says the company plans to end the importation of sugar in the next four years going by efforts in its backward integration policy.

He stated this during the company’s 18th Annual General Meeting held in Lagos where the company’s shareholders approved the appointment of some Board members whose tenures have expired.

According to Alhaji Dangote, implementation of the national backward integration policy was the best way for the company to go in the future to prevent issues relating to forex losses and others. In the full year 2023, the company recorded around N201 billion in both realised and unrealised FX revaluation losses.

He stated, “I can assure you on our own, we think the best future of this company is through the backward integration because backward integration will actually give you much more profit and stability and it will erase all this exchange rate losses.”

“By the grace of God in the next four years maximum, our company should be producing what we are selling currently all domestic. If we import any sugar, it will only be to complement what we are producing. Our target is to hit at least 700,000 tonnes between Nasarawa and Numan.”

suspension of the planned merger of Dangote sugar with Nascon and Dangote rice Ltd, the chairman stated the merger was put on hold by the Securities and Exchange Commission (SEC) because their rice factory has not come on stream.

He also mentioned that the rice factory in Jigawa is expected to be commissioned shortly. The facility’s processing capacity represents about 34% of the national processing capacity, with an output of 1 million tonnes.  (www.naija247news.com).


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Azonuchechi Chukwu
Azonuchechi Chukwuhttps://gravatar.com/azonuchechivchukwu
Azonuchechi Chukwu - Business Journalist at Naija247news.com Azonuchechi Chukwu is a seasoned business journalist contributing to the insightful coverage of economic and financial news at Naija247news.com. With a passion for unraveling the complexities of the business world, Azonuchechi brings a wealth of expertise and dedication to his role. As a Business Journalist, Azonuchechi specializes in providing comprehensive analyses of market trends, corporate developments, and economic indicators. His in-depth reports offer Naija247news.com readers a nuanced understanding of the forces shaping the Nigerian and global business landscapes. Azonuchechi Chukwu's commitment to journalistic excellence is evident in his ability to translate complex financial information into accessible and engaging narratives. Whether exploring stock market fluctuations, corporate strategies, or economic policies, he strives to deliver content that empowers readers with valuable insights. With an educational background in business and a keen interest in the intersection of finance and technology, Azonuchechi stays at the forefront of industry dynamics. His coverage extends beyond traditional financial reporting, encompassing the dynamic realms of fintech, entrepreneurship, and sustainable business practices. Azonuchechi Chukwu's work goes beyond the surface, aiming to foster financial literacy and awareness among Naija247news.com's audience. By demystifying economic complexities and shedding light on emerging opportunities, he plays a pivotal role in keeping readers well-informed in the fast-paced world of business. As Naija247news.com's Business Journalist, Azonuchechi Chukwu continues to make meaningful contributions to the platform's mission of delivering timely, accurate, and relevant business news to its diverse audience. His dedication to journalistic integrity and his ability to navigate the intricacies of the business realm make him an invaluable asset to the Naija247news.com team.

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