Dangote Sugar Refinery Plc, owned by Africa’s richest man Aliko Dangote, plans to spend $1 billion on expansion after Nigeria’s central bank made his firm one of the three sole importers of the sweetener into Africa’s largest economy.
The company has put more than 100,000 hectares of land under cultivation to grow sugarcane for local sourcing of inputs, Chief Executive Officer Ravindra Singhvi said at an investor conference call in Lagos on Thursday.
The plantations in Nigeria’s northern states of Adamawa and Nasarawa will be ready by 2023 while work to almost double the capacity of a sugar factory in Adamawa to 6,000 tons cane-crushing-per-day is ongoing, Singhvi said…
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