By Itohan Abara-Laserian Lagos, May 27, 2021 Dangote Sugar Refinery Plc says Nigeria can earn 700 million dollars 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
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In 2008, the national sugar development council (NSDC) developed the NSMP to boost the country’s self-sufficiency in sugar production.
Sugar data from the NSDC for 2019 put Nigeria’s consumption at 1.4 million tonnes, production at 38,597 tonnes, while the country imported 1.36 million tonnes during the period.
A major
component of the NSMP is the backward integration programme (BIP) undertaken by the trio of Dangote Sugar Refinery, BUA Sugar Refinery and Flour Mills’ Golden Sugar.
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Speaking at the company’s 15th annual general meeting in Lagos, Dangote said a distortion in the sugar master plan framework would affect the target of self-sufficiency in sugar production.
…As Dangote Sugar Records 13.7 Percent Increase In 2020 Production (AFRICAN EXAMINER) – Dangote Sugar Refinery Plc has urged government to faithfully follow through the Backward Integration Policy in the sugar industry as the nation stands to rake in foreign exchange up to $700millon yearly from Sugar production self-sufficiency. Chairman of Dangote Sugar Refinery Aliko […]
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.
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