Dangote sugar plans to spend $1 billion on expansion

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Aliko Dangote owned Dangote Sugar Refinery Plc is planning expansion by spending $1 billion.

According to the news report published by Bloombergquint.com, Ravindra Singhvi, Chief Executive Officer of the company during an investor conference call in Lagos said that the company is growing sugarcane in more than 100,000 hectares of land for local sourcing of inputs.

Recently, Nigeria’s central bank has made the company one of the three only importers of the sweetener into the country.

The company has set a target to raise the capacity of refined sugar to 1.5 million to 2 million tons by 2024 from 403,846 tons as of June.

According to the National Sugar Development Council (NSDC), Nigeria consumes 1.7 million tonnes of sugar every year. The sugar sector in the country is facing challenges like land access, community hostilities, natural disasters and foreign exchange restriction.

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