Dangote Sugar Announces $700 Million Investment in Backward Integration

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Dangote Sugar Announces $700 Million Investment in Backward Integration

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Dangote Sugar Announces $700 Million Investment in Backward Integration

Dangote Sugar Announces $700 Million Investment in Backward Integration

Dangote Sugar Plc has expressed commitment to investing over $700 million to Backward Integration Program, BIP, in the sugar sub-sector of Nigeria’s economy.

Chairman of the company, Aliko Dangote, who disclosed this at the company’s 18th Annual General Meeting (AGM) in Lagos, stated that achievement of the goals of the Sugar Backward Integration Master Plan remains the company’s focus.

He said this will go a long way in delivering the anticipated benefits, especially in foreign exchange (FX) savings and cushioning its impact on operations amongst other benefits to the company, all stakeholders, and the nation.

He stated: “Despite the adverse impact of FX on the business environment by the continuous increase in the inflationary trend, lack of liquidity and FX to fund the company’s equipment import, among others, for the backward integration projects, concerted efforts are ongoing to secure the needed funds for the development of the Nasarawa Sugar Company Limited project at Tunga in Awe Local Government Area of the state.”

Source: Vanguardngr

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