FLOUR Mills of Nigeria, FMN, weekend, called on state governments to do all they could to ensure adequate protection of its investments from all forms of insecurity, in order to ensure increased investments nationwide.
The Nasarawa State Government and Flour Mills of Nigeria have signed a Memorandum of Understanding (MoU) for a $300million investment in sugar production. Under the MoU, the state leased 20,450 hectares of land to Flour Mills of Nigeria for 50 years, during which the company is expected to ramp up the Backward Integration Plan (BIP) […]
Dangote: Nigeria to Earn $700m Annually from Sugar Backward Integration thisdaylive.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thisdaylive.com Daily Mail and Mail on Sunday newspapers.
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In 2008, the national sugar development council (NSDC) developed the NSMP to boost the country’s self-sufficiency in sugar production.
Sugar data from the NSDC for 2019 put Nigeria’s consumption at 1.4 million tonnes, production at 38,597 tonnes, while the country imported 1.36 million tonnes during the period.
A major
component of the NSMP is the backward integration programme (BIP) undertaken by the trio of Dangote Sugar Refinery, BUA Sugar Refinery and Flour Mills’ Golden Sugar.
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Speaking at the company’s 15th annual general meeting in Lagos, Dangote said a distortion in the sugar master plan framework would affect the target of self-sufficiency in sugar production.