Dangote Farms invests US$7.6m to boost tomato production in Nigeria

NIGERIA – In a bid to make Nigeria self-sufficient in tomato production, Dangote Tomatoes Processing Limited, has inaugurated a N2.8 billion greenhouse nursery in Kano to supply tomato seedlings to Nigerian farmers. Speaking on the project, Managing Director, Dangote Tomatoes Processing Limited Sani Dangote said the nursery is designed to use the automated Pat Moose planting technology, the first of its kind in Nigeria. He disclosed that the plant has the capacity to process 350 million tonnes of hybrid tomato seedlings per season enabling the planting of 12,000 hectares of…

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Nigerian Stock Exchange delists Dangote Flour Mills after takeover

NIGERIA – The Nigerian Stock Exchange has delisted the entire issued share capital of Dangote Flour Mills Plc from its listing effective Monday, 18 November 2019. The statement issued by the Nigerian bourse read in part, “Dealing members are hereby notified that DFM was on November 18, 2019 delisted from the daily official list of the Exchange.” This comes after the shareholders of Dangote Flour Mills Plc endorsed the acquisition of the company by Crown Flour Mills Limited, the Nigerian subsidiary of Olam International Limited in October for N120 billion…

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Dangote’s NASCON Allied Industries Plc relocates operation to boost efficiencies

NIGERIA – NASCON Allied Industries Plc, a food processing company and subsidiary of Dangote Industries, has relocated some of its operations away from the Apapa area of Lagos to Oregun and Port Harcourt. The company engages in refining and selling edible, refined, bulk, and industrial salt as well as the production of seasonings, tomato paste and vegetable oils. The company’s Managing Director, Paul Farrer, said the decision to move its operations was due to the lingering gridlock in Apapa that had presented challenges in logistics leading to decline in the operating…

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Government to boost rice sector with US$29m large integrated rice mills

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 would indicate interest as off-takers and make 10% down-payment expressing their technical capacity to own and operate the mill. The ten rice mills are expected to produce 100 tonnes of rice per day and the…

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Dangote Sugar pay shareholders 192% more in dividends

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 achieved a group turnover of US$568.28m, a 20.4% increase compared to the same period in the year 2016. Speaking at the company’s yearly general meeting in Lagos, the Chairman of Dangote Sugar Refinery Plc, Alhaji…

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Dangote Sugar revenue declines 30.9% on lower prices in the first quarter

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 forecast at US$18.83 million. In a bid to offset the impact of inflationary pressures and higher input costs, the company product prices were raised by about 43.5% on average in 2017 against 2016 levels. Gross…

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Dangote, Flour Mills of Nigeria boost wheat production with threshing machines

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 sorghum in the year 2018/19. Wheat consumption in Nigeria is on an upward trend, the increase attributed to higher prices of other major locally grown crops. The General Managing Director, Dangote Flour Mill Plc., Thabo…

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High refined sugar prices grow Dangote Sugar’s revenue by 20%

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 to the firm, gross profit increased for the period by 121.8% to US$141.75m from US$63.91m recorded last year due to cost saving strategies put in place by the management. “We are very pleased with the…

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Dangote sees 25% rise in sugar demand as economy recovers in 2018

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 sales volumes could rise as much as 25 percent in 2018, Sule said. Nigeria’s economy, which contracted in 2016, is recovering after the government relaxed some currency controls implemented after the price of oil, its…

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Importers frustrating Govt’s tomato policy, say stakeholders

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 were yet to feel the impact of the policy. The federal government in April this year announced a new tomato policy aimed at promoting local production of fresh tomato, increasing local production of tomato concentrate…

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