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The project is estimated to cost at least $300 million.
In a regulatory filing posted on the Nigerian Exchange Limited (NGX) on Friday, Umolu Joseph, company secretary, said the move is part of the company’s commitment to the backward integration programme of the Nigeria Sugar Master Plan and the overall growth strategy of the industry in Nigeria.
“The 20,450 hectares is situated at Umaisha Development Area of Toto Local Government of Nasarawa State on the north bank of the Benue River, about 70 Kilometres upstream from Lokoja,” the company said.
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“It is expected that land preparation, including surveys and the initials designs, will start immediately in anticipation of the commencement of operations during the course of this year.
By Itohan Abara-Laserian Lagos, May 27, 2021 Dangote Sugar Refinery Plc says Nigeria can earn 700 million dollars foreign exchange annually through implementation of the Backward Integration Policy (BIP) from sugar production. Chairman, Dangote Sugar Refinery, Aliko Dangote, said this at the company’s 15th Annual
Dangote said that allowing for distortions in the sugar masterplan framework would adversely affect the target of the nation attaining self-sufficiency as projected. He said the policy would not only reduce imports of raw sugar but save the nations enormous foreign exchange used for importation. Expressing his delight with the BIP, Dangote, however, noted that if the Nigeria Sugar Master Plan was fully implemented and the players adhered strictly to the rules, Nigeria would save between $600 million and $700 million annually as foreign exchange.
“The backward integration policy of Dangote Sugar Refinery is recording appreciable progress and we will remain committed to the policy,” he said.
Sugar sector and Nigeria s unemployment crisis tribuneonlineng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from tribuneonlineng.com Daily Mail and Mail on Sunday newspapers.
According to the National Bureau of Statistics (NBS), Nigeria’s unemployment figure currently stands at 33.3 per cent making her the highest on a global list of countries. Without mincing words, this is indeed a very depressing, disturbing and an alarming piece of information that should bother any discerning mind and whoever is interested in the […]