Online Reporter
Africa’s richest man, Aliko Dangote continues to advocate for Nigeria’s self-sufficiency as he extends his campaign to eliminate oil imports to the sugar business.
The company plans to explore opportunities in the manufacturing sector to replace imports, create jobs, and support economic growth.
Dangote Refinery has filed a lawsuit against the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian National Petroleum Corporation Limited (NNPCL) to cancel import permits for refined petroleum products.
Aliko Dangote recently disclosed his intentions to end sugar importation following his move to allocate US$700 million to the cause. Speaking on Wednesday at the 14th Gateway International Trade Fair in Abeokuta, Ogun State, during the “Dangote Special Day,” the billionaire indicated that the company is speeding up its Sugar Backward Integration Plan in order to increase domestic output.
Tunde Mabogunje, regional director of Lagos/Ogun Dangote Cement, who represented the billionaire, stated, “We are actively executing the Sugar Backward Integration strategy and have committed over US$700 million to land acquisition, machinery, infrastructure, manpower, community relations, and corporate social responsibility initiatives to ensure Nigeria ends raw sugar importation.”
He added, “As a conglomerate driving Nigeria’s economic diversification, we will continue to explore opportunities in the manufacturing sector to replace imports, create jobs, and support economic growth,” he stated. The Nigerian business mogul conveyed the belief that the trade fair will increase market reach, raise consumer knowledge of the company’s goods, and support economic growth and job creation, as reported by the Punch newspaper”. — Business Insider Africa.
