May 28, 2021
Posted by: adminer
Dangote Sugar Refinery says Nigeria can earn $700 million 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 General Meeting on Thursday in Lagos.
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.
Addressing shareholders, he said, in spite of the disruptions in the economy occasioned by the COVID-19 pandemic, the company announced an increase in production volume which rose by 13.7 percent to 743,858 tonnes in the review period from 654,071 tonnes in 2019…………..TO CONTINUE READING CLICK ON https://thefreezonechannel.com/nigeria-to-earn-700m-annually-from-sugar-dangote/