By Barnabas Esiet.
Dangote Sugar Refinery Plc (DSR) has set a target to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane within the next four years as part of its Backward Integration Programme (BIP).
At the company’s 18th Annual General Meeting (AGM) in Lagos, Chairman Aliko Dangote unveiled this plan, coinciding with the release of the company’s first-quarter results for 2024 by the Nigerian Exchange, which showed a 20.1% increase in revenue to N122.7 billion.
In line with the Nigerian government’s policy guidelines, DSR is dedicated to enhancing its BIP by focusing on efficient delivery through project strategies.
The goal of 700,000 metric tonnes is aimed at meeting half of the current market demand for refined sugar, with a long-term vision to produce 1.5 million MT annually from locally grown sugarcane.
Despite challenges faced during the year, DSR has made significant investments in expanding its Numan factory refining capacity and aims to further increase it to meet future demands.
Efforts are also underway to secure funding for the Nasarawa Sugar Company Limited project to ensure the success of the Backward Integration Programme.
Dangote Sugar (Ghana) Limited was established as a subsidiary to expand the company’s presence in the sugar industry across Africa.
The focus remains on achieving the goals of the Sugar Backward Integration Master Plan to benefit all stakeholders and the nation.
Group Managing Director/CEO Ravindra Singhvi stressed the importance of optimizing costs, improving operational efficiencies, and achieving sustainability in business operations.
The target is to produce 1.5MT of refined sugar annually from locally grown sugarcane to reduce costs and foreign currency demand.
Efforts are being made to sustain past achievements and navigate challenges such as foreign exchange scarcity and rising raw material costs.
The company remains committed to delivering on its Sugar for Nigeria backward integration project and ensuring long-term success.
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