Dangote Sugar Plc has announced its commitment to invest over $700 million in the Backward Integration Program (BIP) for Nigeria’s sugar industry. Chairman Aliko Dangote revealed the substantial investment during the company’s 18th Annual General Meeting (AGM) held in Lagos.
Dangote emphasized the company’s focus on achieving the goals outlined in the Sugar Backward Integration Master Plan. This investment is expected to bring significant benefits, including foreign exchange savings, reduced operational impact from currency fluctuations, and positive outcomes for all stakeholders and the nation as a whole.
“Despite challenges such as inflationary pressures and a lack of liquidity and foreign exchange for equipment imports, we are making concerted efforts to secure the necessary funding for the development of the Nasarawa Sugar Company Limited project in Tunga,” Dangote stated.
Dangote Sugar’s commitment to the BIP aligns with efforts to boost domestic sugar production and reduce Nigeria’s reliance on imports.
