Dangote Sugar Refinery Plc (DSR) has announced ambitious plans to ramp up local sugar production through its Backward Integration Programme (BIP), aiming to produce 700,000 metric tonnes of refined sugar from locally grown sugarcane within the next four years. Aliko Dangote, Chairman of DSR, revealed this at the company's 18th Annual General Meeting (AGM) in Lagos.
The announcement coincided with the release of the company's first-quarter results for 2024, showing a notable 20.1 percent increase in revenue to N122.7 billion. Dangote emphasized the company's commitment to align with the Federal Government's policy guidelines, focusing on enhancing its BIP by deploying and reviewing project strategies for efficient delivery.
The projected output of 700,000 metric tonnes would meet 50 percent of the current market demand for refined sugar, with a broader objective to produce 1.5 million MT of sugar annually within a decade.
Despite challenges such as inflationary trends and scarcity of foreign exchange, efforts are underway to secure funding for expansion projects, including the DSR Numan factory, which aims to increase refining capacity significantly. Group Managing Director/CEO, Ravindra Singhvi, highlighted the company's resilience amid obstacles, emphasizing efforts to optimize cost, enhance operational efficiency, and meet targets for local sugar production.
The ultimate goal is to achieve sustainability in business operations while contributing to Nigeria's self-sufficiency in sugar production and reducing dependence on imports.
