The Dangote Sugar Refinery says it has raised its production volume by 13.7 percent to 743,858 tonnes 2020 financial year, compared to 654,071 tonnes in 2019, despite the COVID-19 pandemic.
The Chairman of Dangote Sugar Refinery, Aliko Dangote, disclosed this Thursday at its 15th Annual General Meeting (AGM) in Lagos.
He said the company posted N214.3 billion turnover, a 33 percent increase over the N161.1billion in 2019, while in the same period the company posted a 6.9 percent increase in sales volume from 684,487 tonnes in 2019 to 731,701 tonnes in 2020.
Dangote therefore urged the federal government to strictly implement the Backward Integration Policy (BIP) in the sugar industry as the nation can earn $700 million yearly from local production.
“If the National Sugar Master Plan is followed strictly and the players all follow the rules, the country will be better for it as Nigeria will save between $600m and $700m annually as forex,” he said.
He stated that the backward integration policy of Dangote Sugar Refinery was recording appreciable progress.