The management of Dangote Sugar Refinery Plc has disclosed that it will be involved in various acquisitions in the next few years to boost its investment.
This, according to the company, is part of efforts aimed at ensuring the success of its backward integration project.
At the company’s 7th Annual General Meeting in Lagos recently, the Chairman of Dangote Sugar, Alhaji Aliko Dangote, said, “Our target is to achieve local production of 1.5 million metric tonnes of raw sugar per annum in the next five years; and in addition to Savannah, other sites will be acquired, and the necessary steps will be taken to ensure that our foray in the backward integration project becomes a good part of our success story.”
He noted that the company had to pull out from its investment in Algeria as a result of harsh policies by the government of the country. “You will recall that we had planned to expand our operation with 1.1 million metric tonnes of sugar refining capacity in Algeria. Unfortunately, the Algerian government came up with unfavourable policies that will impede the achievement of the goals with which the investment was targeted,” he said.