Dangote Group Revenues Exceeded $4.1bn in 2017

By February 24, 2018 Investment News

Dangote Group’s annual revenues exceeded $4.1 billion in 2017, the President of the group, Alhaji Aliko Dangote, has said.

Giving an update on the strides of the group in the food sector, Dangote said, “In the sugar sector, we developed a sugar backward integration project plan targeted at the production of 1.5MT/PA from various sites across Nigeria in the next 10 years and we are acquiring about 150,000 hectares for sugar plantation in Adamawa, Taraba, Nasarawa, Kwara, Kogi and Niger States. We signed memorandum of understanding (MoU) with the Nasarawa State Government for the construction of an integrated sugar complex located at Tunga.”

Speaking at the 2018 Customer Celebration and Distributor Awards night for Dangote Flour Mills and NASCON Allied Industries held in Lagos on Wednesday where 77 winners emerged from all the geo-political regions, Dangote said the plants will generate over 100,000 employment opportunities, saying “we will establish integrated sugar mills within these locations, generate electricity and produce animal feeds from bagasse and molasses.

For Dangote Flour Mills, he said, “We have a three-point growth plan to focus on sustaining high product quality, improving customer engagement and strengthening supply chain capabilities.
Dangote stated that new investments in NASCON Allied Industries would boost efficiency and enhance better returns.

He pointed out that the group’s push for backward integration in providing its own raw materials on a massive scale had led to the planned investment of $4.6bn over the next three years in sugar, rice and dairy production alone, noting that this would eliminate the country’s reliance on imported materials and the foreign exchange headaches that came with it.

Also, Director, Dangote Sugar Refinery, Ms. Bennedikter Molokwu, in her welcome remarks on behalf of the three companies, commended the distributors’ effort in making it possible for Dangote food products to be the preferred choice in all households.

Source: Dailytrust