Dangote To Invest $450m In The Next Three Years

Dangote To Invest $450m In The Next Three Years

The president, Dangote group, Alhaji Aliko Dangote, has made a commitment to invest $450m in the development of agriculture in Niger state over the next three years. He made the disclosure at the Niger State Investment Summit 2017.

Dangote said the funds will be used to establish a large scale rice processing mill to process over 200,000 metric tonnes of paddy rice. In addition, a state-of-the-art fully integrated sugar refining industry would also be established.

“The Dangote Group is committed to invest around $450m over the next three years to establish a large scale rice processing mill for rice growers.”

“Our company is also establishing a state of the art fully integrated sugar industry involving the development of over 30,000 hectares of sugar plantation and the production of about 500,000 metric tonnes of refined sugar.”

“We are very excited about these investments and look forward to kick-starting this mutually beneficial partnership with the government and good people of Niger State,” he said.

Dangote who was represented by Alhaji Mansur Ahmed, noted that the company also planned to invest over $1bn in agricultural commodities like sugar, rice and tomatoes across the country.

The governor of the state, Abubakar Sani Bello, in his opening address, reiterated that the investment summit was a paradigm shift in combating the economic challenges of the country and a necessary step taken in line with the Federal Government’s diversification policy of over dependence on oil revenues to agriculture and other sustainable sources of income.

Bello assured investors of a competitive return on their investments and ease of doing business.

The commissioner for Investment, Commerce and Industry, Mrs Ramatu Yar’Adua, said the aim of the summit was to market the state as an investment destination in agriculture considering its enormous potential which is largely untapped.

Yar’Adua said that agriculture was key to moving the country out of recession, assuring would be investors of the State’s commitment to creating a conducive and enabling environment for business.

The two-day summit titled ‘Impact Investing for Advancing Agricultural Economy and Innovation’ ended with the signing of an MOU between the Niger State government and investors.

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