Dangote Sugar Refinery Plc, a member of Dangote Group, on Monday said it plans to produce between 1.5 and 2 million metric tonnes of refined sugar annually from locally produced sugarcane. The Acting Group Managing Director, Mr. Abdullahi Sule, made the disclosure at the 2016 World Food Day celebrations organised by Lagos State Government. Sule, who was represented by the company’s manager, Mr. Braimah Ogunwale said that the target was in line with its backward integration master plan. The company sponsored this year’s Schools Agriculture Quiz Competition in Lagos to mark the World Food Day.
Dangote Group has emerged Nigeria’s best Corporate Social Responsibility (CSR) Company for the year 2016. A survey by Governance Advancement Initiative for Nigeria (GAIN) showed that Dangote was the adjudged overall winner among 25 Nigerian and multinational companies operating in the country, scoring 6.3 per cent, followed by Nestle with 5.51 per cent and Etisalat with 5.45 per cent. Others included Cadbury and Glaxo by 5 per cent and 4.89 percent, respectively. GAIN specializes in conducting periodic polls and surveys dedicated to enhancing political and corporate governance in Nigeria.
Dangote Sugar Refinery (DSR) Plc leveraged on significant growth in sales to sustain a modest growth in profitability in the third quarter. Key extracts of the interim report and accounts of DSR for the third quarter ended September 30, 2016 showed that gross earnings rose by 58 per cent to N115.3 billion in third quarter 2016 as against N78 billion recorded in comparable period of 2015. Gross profit rose by 1.2 per cent to N19 billion compared with N18.7 billion. Profit before tax increased from N14.2 billion to N15.3 billion while profit after tax rose from N9.3 billion in third quarter 2015 to N10.1 billion in third quarter 2016. Acting group managing director, Dangote Sugar Refinery (DSR) Plc, Engr. Abdullahi Sule, said the company has remained resilient in spite of the continued challenges in the economic and business environment.
The distressing state of Nigeria’s economy was brought to the fore at the weekend when Aliko Dangote, president, Dangote Group, said more than 100 million out of a population of 187 million Nigerians were wallowing in poverty. Dangote told participants at the Executive Course No. 38, 2016 at the National Institute for Policy and Strategic Studies (NIPPS), Kuru, near Jos, Plateau State, that the situation was unacceptable to him given Nigeria’s abundant resources. Delivering a paper on ‘Promotion of Local Manufacturing and Poverty Reduction in Nigeria: The Private Policy Options,’ the entrepreneur said: “It is a curious paradox that Nigeria, Africa’s largest oil producer, and largest economy on the continent, also has one of the highest levels of poverty. It is estimated that more than 100million out of a population of 187million Nigerians, live below the poverty line.” Quoting a United Nations (UN) report, Dangote said youth unemployment rose to 42 percent in 2016 with many graduates combing the streets in major cities such as Lagos, Kano, Abuja and Port Harcourt in search of often elusive white-collar jobs, while for some who were employed, their situation could best be described as that of under-employment, as they were underutilized and poorly paid.