Dangote Sugar Plc has pledged to contribute more than $700 million to the Backward Integration Program (BIP) in Nigeria’s sugar industry.
The company’s chairman, Aliko Dangote, made this announcement during the 18th Annual General Meeting (AGM) in Lagos, saying that the company’s primary focus is still on achieving the objectives of the Sugar Backward Integration Master Plan.
He noted that in addition to other advantages for the business, all stakeholders, and the country, this will significantly contribute to achieving the expected benefits, particularly in terms of foreign exchange (FX) savings and mitigating its impact on operations.
He said: “Consistent efforts are underway 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, despite the adverse impact of foreign exchange on the business environment by the continuous increase in the inflationary trend, lack of liquidity, and foreign exchange to fund the company’s equipment import, among others, for the backward integration projects.”