Business
Dangote Sugar Grows Turnover By 51%, Assures On 75,000 Jobs
The chairman of Dangote Sugar Refinery Plc, Aliko Dangote has revealed that the company’s turnover increased by 51 percent to N665.6 billion for the year ended December 31, 2024, as against the corresponding figure of N441.5 billion recorded for the 2023 financial year.
He made the revelation at the company’s 19th Annual General Meeting (AGM) on Tuesday.
Biztellers reports that Bennedikter Molokwu chaired the AGM in an acting capacity, represented Dangote, who noted that the company’s performance in 2024 was impacted by various macro-economic challenges, and assured that despite that, the future of the company remains very bright.
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Dangote said the company’s outlook for 2025 and beyond is to build a sustainable business, target the production of 1.5 million metric tonnes of refined sugar annually and at the same time generate over 75,000 employment opportunities, in the company’s value chain.
In the same vein, shareholders at the AGM, applauded the Board and management of Dangote Sugar Refinery Plc for maintaining its leadership in the Nigerian sugar industry, despite prevailing economic challenges.
The shareholders acknowledged Dangote Sugar as one of the largest sugar refineries in Sub-Saharan Africa and the leading player in Nigeria’s sugar sector. This position is underpinned by a combined installed refining capacity of 1.49 million tonnes per annum.
President of the Association for the Advancement of the Rights of Nigerian Shareholders, Dr. Farouk Umar, commended the company’s performance in its 2024 report.
He highlighted that, despite numerous economic hurdles, the company has remained on a solid growth trajectory.
“Our turnover of N665.6 billion represents a 51% increase compared to N441.5 billion in the same period in 2023. Earnings per share rose from N6 to N15.80. In the current economic climate, many companies are struggling to grow revenues or maintain profitability. We must commend the Board for their efforts in expanding operations and increasing shareholder value. Alhaji Dangote has pledged that the company will make Nigeria self-sufficient in sugar production,” he said.
President of the De-Impressive Shareholders’ Association of Nigeria, Pastor Olagoke Samson Olusegun, praised the Chairman, Aliko Dangote, and the executive team for steering the company to higher levels of success.
In the same vein, the Chairman of the Trusted Shareholders Association of Nigeria (TSAN), Alhaji Mukhtar Mukhtar, acknowledged the economic difficulties facing businesses in Nigeria. He described Dangote Sugar’s performance as commendable and expressed shareholders’ confidence in continued profits and dividends.
Another shareholder, Patrick Ajudua, attributed the company’s sustained success to its adaptability and ability to weather economic headwinds. He congratulated the company on its 25th anniversary, remarking that Dangote Sugar has come of age and is poised for even greater achievements.
Several shareholders also lauded the company’s impact on broader society through its Corporate Social Responsibility (CSR) initiatives, which they said have benefited not only shareholders but Nigerians at large.
On his part, the Group Managing Director/CEO of Dangote Sugar Refinery Plc, Ravindra Singh Singhvi, reiterated the company’s goal of achieving self-sufficiency in sugar production for Nigeria, with a target of producing 700,000 tonnes of sugar locally within the next five years.
Similarly, the Executive Director Hajiya Mariya Dangote noted that the company is expanding its Backward Integration Projects (BIPs) and commissioning a new power plant, among other projects, to enhance operational efficiency.
In the Chairman’s statement contained in the Annual Report & Accounts, Dangote stated that the company remained focused on its strategic initiatives during the year, despite persistent volatility and external pressures. He reaffirmed the company’s commitment to maintaining high standards of corporate governance.
Lagos State Governor, Babajide Sanwo-Olu, has called for stronger international investment partnerships as he pitched Lagos as a strategic gateway for global investment into Africa.
Sanwo-Olu made the call while speaking at the Global Africa Business Initiative’s Unstoppable Africa 2026 in New York, where global business leaders, investors, policymakers and heads of government gathered to discuss ways of strengthening African businesses and expanding the continent’s economies.
The 2026 edition of the event was held on September 20 and 21 at the New York Marriott Marquis, on the sidelines of the opening of the 81st United Nations General Assembly.
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The governor highlighted Lagos’ large population, expanding market, infrastructure needs, entrepreneurial ecosystem and strategic position as key factors that create opportunities for investors seeking to participate in Africa’s economic growth.
Sanwo-Olu stressed that Lagos’ growing global relevance should translate into tangible benefits for residents through investments in infrastructure, transportation, healthcare, enterprise development and other sectors.
He said the state remained open to international capital, strategic partnerships and private-sector participation, with the goal of building partnerships capable of delivering measurable economic value across Lagos.
According to the governor, Lagos is pursuing a development agenda that combines long-term economic growth with efforts to address the everyday needs of its residents while creating an environment where businesses can establish, expand and compete.
A key feature of the governor’s presentation was the promotion of Invest Lagos, the flagship investment promotion initiative of the Lagos State Ministry of Commerce, Cooperatives, Trade and Investment.
The engagement followed the successful Invest Lagos 3.0 summit held in Lagos in June under the theme, “Lagos: The Business Gateway to Africa.”
The summit brought together global investors, policymakers, development institutions and business leaders to explore opportunities in infrastructure, manufacturing, technology, trade, finance and the creative economy.
Sanwo-Olu’s participation at Unstoppable Africa 2026 further provided an international platform for Lagos to showcase its investment opportunities and seek partnerships aimed at attracting global capital to the state.
The Nigerian equities market closed Friday’s trading session on a negative note, with the All-Share Index declining by 0.38 per cent to close at 252,113.41 points.
According to the Nigerian Exchange Group’s Daily Market Snapshot for Friday, September 25, 2026, equity market capitalisation stood at ₦163.65 trillion, representing a 0.01 per cent decline.
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The fixed-income market capitalisation also fell by 0.01 per cent to ₦58.74 trillion, while the market capitalisation of Exchange-Traded Products (ETPs) declined by 2.15 per cent to ₦57.77 billion.
Meanwhile, the top five gainers were led by a stock that rose 10 per cent to close at ₦17.60, followed by CMFC, which gained 9.76 per cent to ₦3.26. Briscoe rose 9.74 per cent to ₦10.70, ABC Transport gained 9.68 per cent to ₦5.10, while Royal Exchange increased by 9.09 per cent to ₦1.08.
The figures were contained in the NGX Daily Market Snapshot released at the close of trading on Friday.
More than 100 Chinese original equipment manufacturers are being wooed for investment, technology and manufacturing capacity to aid growth in Nigeria’s oil and gas industry.
The Nigerian Content Development and Monitoring Board (NCDMB) made the disclosure through its Director, Project Certification and Authorisation Division and Senior Technical Adviser to the Executive Secretary, Austin Uzoka.
This was detailed in a statement issued by the Board which stated that Uzoka was representing the Executive Secretary, Felix Ogbe, at the 15th China Shale Oil and Gas Summit in Chengdu, China, where he made the disclosure.
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According to Ogbe, the board was seeking to move the relationship between Nigerian oil and gas operators and Chinese manufacturers beyond the conventional buyer-seller model to investment, manufacturing, technology transfer and integration into global supply chains.
He said the Nigerian Oil and Gas Content Development Act (NOGCDA) guaranteed patronage for oil and gas equipment manufacturing facilities established in Nigeria, adding that such investments could also provide access to opportunities across the Gulf of Guinea.
“We are looking beyond the traditional buyer-seller relationship. What can we build together? We want Chinese companies to see Nigeria not simply as a market for their products, but as a strategic investment destination, a platform for manufacturing and technology development, and a gateway to opportunities across the wider African market,” he said.
He highlighted the Nigerian Oil and Gas Park Scheme (NOGPS) as a platform for Chinese original equipment manufacturers to establish manufacturing, assembly and service operations in Nigeria.
He said the scheme would provide opportunities for technology transfer, technical arrangements and the integration of Nigerian businesses into the supply chains of Chinese companies.
The ES also identified China’s capabilities in manufacturing, engineering, technology and energy infrastructure as areas that could support Nigeria’s industrial development.
“China has developed tremendous capabilities in manufacturing, engineering, technology and energy infrastructure. We want to explore how those capabilities can be connected with the opportunities that exist in Nigeria, for mutual benefits,” he added.
Nigeria’s local content policy had evolved from increasing Nigerian participation in oil and gas projects to a broader industrial development agenda focused on manufacturing, technology ownership and global competitiveness, he pointed out.
“Nigeria’s local content journey has evolved significantly since the local content law was enacted in 2010. What began primarily as an effort to increase Nigerian participation in the oil and gas industry has developed into a broader industrial development agenda focused on building capabilities, deepening manufacturing, promoting technology ownership and positioning Nigerian businesses to compete within regional and global markets,” he observed.
The engagement formed part of Nigeria’s participation in the 15th China Shale Oil and Gas Summit, held from September 20 to 23 at the Chengdu Century City International Conference Centre.
The summit, themed ‘Empowering Efficient and Green Development via Intelligent Technologies, Innovating to Lead the Shale Oil and Gas Revolution’, provided a platform for Nigerian oil and gas stakeholders to showcase investment opportunities in manufacturing, technology and oil and gas services.
According to the NCDMB, several Chinese OEMs expressed interest in exploring business relationships with Nigerian companies and participating in the country’s growing oil and gas manufacturing ecosystem.
In her closing remarks, the General Manager, Midstream, PCAD, Ms Lekoma Phimia, urged stakeholders to build on the connections established at the session to develop commercially viable and sustainable business relationships.
The NCDMB also used the exhibition to provide prospective investors and industry players with information on Nigeria’s oil and gas sector, local content opportunities and avenues for establishing operations in the country.
The board said the Chengdu engagement was part of efforts to expand Nigeria’s international industrial connections and advance the objectives of the Nigerian Oil and Gas Industry Content Development Act (NOGICDA).
It added that its focus was to move the local content agenda from participation to capability, manufacturing, and ultimately technology ownership and regional competitiveness.
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