18th AGM: Dangote Sugar Refinery Plans to Scale Up Refined Sugar Production Through Backward Integration
18th AGM: Dangote Sugar Refinery Plans to Scale Up Refined Sugar Production Through Backward Integration
Jerry Adesewo
At its 18th Annual General Meeting (AGM) held in Lagos, Dangote Sugar Refinery Plc (DSR) unveiled ambitious plans to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane within the next four years. This initiative, part of the company’s Backward Integration Programme (BIP), aims to meet 50% of the current market demand for refined sugar. Aliko Dangote, Chairman of DSR, emphasized the company’s commitment to aligning with the Federal Government of Nigeria’s policy guidelines and enhancing its BIP to ensure efficient delivery.
Speaking at the AGM, Dangote highlighted the significance of the 10-year sugar development plan, which targets the production of 1.5 million MT of sugar per annum from locally grown sugarcane. He emphasised the company’s focus on achieving revised targets for its various operations, including DSR Numan Operations, Dangote Adamawa Sugar Limited, and Nasarawa Sugar Company Limited. Despite challenges such as inflationary trends and lack of liquidity, Dangote reiterated the company’s determination to secure funds for its projects and achieve the objectives of the Sugar Backward Integration Master Plan.
Ravindra Singhvi, Group Managing Director/CEO of Dangote Sugar, reaffirmed the company’s resilience in the face of challenges. He outlined strategies to enhance supply chain processes, optimize costs, and improve operational efficiencies to achieve the target of producing a minimum of 1.5MT of refined sugar annually from locally produced sugarcane. Singhvi emphasized the importance of sustainability in business strategy, stating, “Achievement of a sustainable business remains one of our key strategies and concerted efforts were made towards sustaining the achievements we have recorded in the past.”
With these ambitious plans, Dangote Sugar Refinery aims to contribute significantly to the nation’s economy, reduce dependence on imports, and enhance foreign currency savings through increased local production of refined sugar.
18th AGM: Dangote Sugar Refinery Plans to Scale Up Refined Sugar Production Through Backward Integration