ABN - Dangote Group plans to invest US$3.8 billion in sugar and rice and $800 million in dairy production across Nigeria over the next three years.
The industrial conglomerate owned by Africa’s richest man Aliko Dangote, hopes the cash injection into Nigeria’s agricultural industry will reduce its reliance on imported goods as the economy recovers from last year’s recession.
Edwin Devakumar, executive director at Dangote’s industries unit said: “All raw sugar has to be imported today, and the same thing for flour milling.”
Consequently, Dangote aims to increase sugar production in Nigeria to 1.5 million metric tonnes a year by 2020, along with a further 1 million tonnes of rice.
It also plans to have an additional 50,000 cattle producing 500 million litres of milk a year by 2019, according to Devakumar.
Dangote, whose cement unit is Nigeria’s biggest listed company, is looking to confirm its transition into the agricultural sector with the imminent listing of Dangote Rice on the Nigerian Stock Exchange.