NIGERIA - The Federal government has said that it has allocated more than US$29 million to purchase ten large integrated rice milling machines by December 2019 with an aim to boost rice production in ten states. An article by the Guardian reported that according to Minister of Agriculture and Rural Development Audu Ogbeh, benefiting states…
NIGERIA - Refined sugar manufacturer, Dangote Sugar has increased dividend pay out to shareholders by 192% to US$58.38 million, a move that supports its vision of delivering decent returns on investments. The company also announced US$336.38m payout on asset acquisitions for the 2017 financial year, according to the Guardian. In the period, the sugar refinery…
NIGERIA - Dangote Sugar Refineries has reported margin expansion amidst slowed sales impacting on revenue, which declined 30.9% to US$113.84 million due to lower prices in the first quarter. The Vanguard reported that although the company recorded 10.9% increase in after tax earnings to US$14.68 million, these were way too below the estimates by analysts…
NIGERIA - Dangote, Flour Mills of Nigeria and other stakeholders in the milling industry have donated 50 units AMAR multi-crop threshers to wheat farmers to boost wheat production in the country. According to the Guardian Nigeria, this aims at improving grain production for Nigeria estimated at about 16.3 million tons for wheat, rice, corn and…
NIGERIA - Dangote Sugar, the Nigerian refined sugar manufacturer grew its revenue by 20.44% to US$568.28 million in its full year ended December 31, 2017 attributed to high prices of refined sugar. The company posted a profit before tax of US$149m, a 173% increase from US$54.52million recorded in the corresponding period of last year. According…
NIGERIA - Reviving economic activity in Africa’s most populous nation means Nigerians are indulging their sweet tooth again. Sugar demand from both businesses and households is rising after last year’s downturn, according to Dangote Sugar Refinery Plc acting Managing Director Abdullahi Sule. Nigeria’s top sugar producer, owned by Africa’s richest man, Aliko Dangote, forecasts its…
NIGERIA - Stakeholders in the agriculture sector say Nigeria is yet to feel the impact of the tomato policy six months after it was put in place by the Federal Government. The News Agency of Nigeria (NAN) reports that the stakeholders told participants at Agra Innovate West Africa forum on Tuesday in Lagos that Nigerians…
NIGERIA - Dangote Noodles Limited, a unit of Nigerian company Dangote Flour Mills, has sold two production lines in Ikorodu and Calabar, to rival pasta maker De United Foods Industries, maker of Indomie Noodles. The transaction is valued at 3.75 billion naira ($12.26 million). De United said it has signed an agreement with Dangote Noodles…
NIGERIA - Dangote Flour Mills Plc (DFM) has demonstrated a high level of corporate governance that drives confidence and supports numbers, as contained in its recent financials for the nine-month ended September 30, 2017 released to the investing public. The release was, among other reasons, to allow investors plan their investment and forecast the company's…
NIGERIA - Nigeria is said to be losing at least $600million foreign exchange annually to the importation of sugar for domestic consumption. Director Policy, Planning, Research and Statistics, National Sugar Development Council (NSDC), Mr. Hezekiah kolawole, disclosed this in his address at a Sugar Sensitisation Workshop on the implementation of the national Sugar Master Plan,…
