News in Brief:
– Dangote Sugar is aiming to increase its annual sugar production to 1.5 million metric tons, relying solely on locally grown sugarcane, to combat the recent rise in sugar prices in Nigeria.
– This plan aligns with the country’s National Sugar Master Plan and involves expanding existing refineries and developing new sugarcane cultivation sites.
In an effort to address the recent surge in sugar prices within Nigeria, Dangote Sugar has set an ambitious target to increase its annual yield to 1.5 million metric tons (MT) sourced entirely from locally cultivated sugarcane.
This plan comes as the company celebrates achieving a â¦1 trillion market capitalisation on the Nigerian Exchange Limited. Dangote Sugar’s CEO, Ravindra Singhvi, revealed this goal during a presentation on the company’s 2023 performance at the Nigerian Exchange event.
The initiative aligns with the National Sugar Master Plan’s core objective of achieving self-sufficiency in sugar production for Nigeria.
“Dangote Sugar is working on enhancing its existing refinery operations in Numan, Adamawa State, as well as developing its greenfield sites at the Nasarawa Sugar Company Project, amongst other sites,” Singhvi further stated.
Meantime, the company’s head noted the significance of the planned merger between Dangote Sugar, NASCON, and Dangote Rice Limited, calling it a critical step in the company’s development. The company has submitted an application to the Securities and Exchange Commission for approval of the merger and remains engaged in discussions with regulatory bodies.
He expressed confidence that the proposed merger will secure long-term success and deliver improved returns for all stakeholders.
Rcall that Dangote Sugar Refineries is among the consortium of companies collaborating with the federal government to make sugar more affordable to Nigerians. According to the country’s sugar statistics office, the price of 50kg of sugar was â¦30,750 in Jnauary 2023 but surged to â¦61,600 in January 2024. At more than 100% price increment in just one year, swift action is required to allow Nigerians continue to purchase the commodity.
