Dangote Sugar initiates plan to resolve high cost of sugar in Nigeria

• Dangote Sugar targets increased production from in the community grown sugarcane amid excessive price of sugar in the nation
• The corporate, which lately finished a N1 trillion market cap, is focused on a 1.5MT annual yield from indigenous sugarcane
• The ambitious draw is fragment of the company’s effort to chop again the recent rising price of sugar in the nation

Legit.ng journalist Victor Enengedi has over a decade’s skills overlaying energy, MSMEs, technology and the stock market.

Dangote Sugar Plc has said that it plans to kind an annual production milestone of 1.5 million metric hundreds sugar sourced from in the community cultivated sugarcane.

Ravindra Singhvi, the Chief Govt Officer of Dangote Sugar, printed this ambition whereas elaborating on the company’s 2023 fleshy-year performance throughout a presentation to the Nigerian Commerce over the weekend.

This follows the Federal Govt’s Backward Integration Coverage referring to sugar, poised to change Nigeria’s sugar production landscape substantially.

It’d be recalled the company lately joined the elite club of firms price N1 trillion in market capitalisation on the Nigerian Commerce Exiguous.

Achieving 1.5 million metric hundreds sugar

Per the Honest, Singhvi said that Dangote Sugar is training reaching 1.5MT yearly from in the community grown sugarcane processed at its sugar refineries across the nation.

Singhvi said:

“In step with the core unbiased of the National Sugar Grasp Thought which is for Nigeria to realize self-sufficiency in sugar production, Dangote Sugar is engaged on making improvements to its unusual refinery operations in Numan, Adamawa Explain, as properly as growing its greenfield sites on the Nasarawa Sugar Company Project, amongst other sites. The Company intends to kind 1.5MT yearly from in the community grown sugarcane.”

By the minister of change and investment, the federal authorities had engaged Dangote Sugar and other sugar manufacturers in efforts to chop again the commodity’s price.

Deliberate merger with NASCON, Dangote Rice

Singhvi emphasised the importance of the planned merger intelligent Dangote Sugar, NASCON, and Dangote Rice Exiguous, highlighting it as a pivotal 2nd in the company’s evolution.

He said that this strategic initiative underscores their dedication to expansion and vogue, positioning the company to capitalise on coming near near possibilities within the meals change.

Singhvi mentioned that the company has submitted an software program to the Securities and Commerce Rate looking out for acclaim for the merger and remains committed to ongoing discussions with regulatory bodies.

He expressed self perception that the proposed merger will foster enduring success and bring enhanced returns to all stakeholders in due route.

Dangote Sugar Refinery Plc holds a renowned space as a top sugar processing entity in Nigeria, concerned about refining, distributing, and marketing and marketing granulated sugar to key stakeholders in the meals and beverage, pharmaceutical, and skincare sectors, along with various distributors.

Amaka Onyeagwu, a concerned person, told Legit.ng that lowering the cost of sugar in Nigeria is paramount for economic balance and public health.

She said:

“High sugar prices burden households, especially low-earnings families, impacting their capability to provide you with the money for genuine necessities. Sugar is undoubtedly one of a truly worthy substances in baking and its rising price contributes to the extend in prices of bread.”

She added that collaborative efforts between authorities and stakeholders are critical to implement insurance policies that be obvious affordability with out compromising sustainability.

Dangote Sugar employs 7,000 yearly

In related news, Legit.ng reported that no fewer than 7,000 other folks are employed yearly at Dangote Sugar Refinery in Numan, Adamawa Explain, courtesy of the Backward Integration Project (BIP).

Bello Dan-Musa, community overall manager of operations for the company, disclosed this throughout a media tour of the facility in Numan.

Dan-Musa said thousands of kids work for the company instantly whereas extra than 7,000 other folks were employed at its busiest level throughout the production season.

The GMG described Dangote Neighborhood as Nigeria’s 2nd-largest employer of labour after the authorities.

Provide: Legit.ng