Home Finance DANGOTE laments as Nigeria spends N1.5trn on food importation annually
Finance - Profiles - July 27, 2018

DANGOTE laments as Nigeria spends N1.5trn on food importation annually

Chairman and CEO Dangote group, Alhaji Aliko Dangote, yesterday criticised the Nigerian government for spending an estimated N1.5tn on food importation annually, pointing out that this expenditure will keep putting heavy pressure on the nation’s foreign exchange.

Alhaji Dangote made this statement at the 3rd Eminent Persons Business lecture and commissioning of multi-million naira Aliko Dangote Complex built for UI Business School at the Trenchard Hall, University of Ibadan.

Alhaji Dangote, who was represented by the Group Executive Director, Aliko Dangote Group, Engr Ahmeed Mansur said: “With an enviable population and natural resources, not many countries have the advantages that Nigeria offers to manufacturers. The risks of a long-term investment in backward integration for largest businesses are, therefore, greatly reduced.”

Dangote also disclosed his plans to invest over N180billion to build four new factories in Sokoto and Kebbi States while hinting that he currently has over 15,000 direct employees and tens of thousands of indirect employees.

ALSO READ: Dangote, Otedola, Elumelu, others lose over N500 billion to stock market dip

He said: “Dangote Sugar acquired the moribund 50,000 tons per annum capacity sugar producing factory-the Savannah Sugar Company Limited in Numan, Adamawa State in 2002.  We have repositioned the company and planted thousands of hectares of sugarcane plantation to supply the raw materials for refining.”

Speaking on the erratic power supply, Dangote said he has begun a process that would generate 12,000 megawatts.

He further added that; “Requirements should not be so onerous that they discourage compliance or raise costs to the level that they discourage investment and render the local industry uncompetitive. “It is critically important to ensure any protection provided to local suppliers is temporary and does not affect their long-term competitiveness in terms of cost, quality, and productivity.”

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