Dangote Sugar Refinery Plc has announced plans to generate over 75,000 jobs within its sugar value chain as part of its long-term growth strategy, even as the company recorded a significant loss of N192.6 billion for the 2024 financial year.
The job creation plan was disclosed during the company’s 19th Annual General Meeting (AGM) held on Tuesday, where shareholders were also briefed on the company’s financial performance. The AGM was chaired by Director Bennedikter Molokwu, representing the company’s Chairman, Aliko Dangote.
In a message to shareholders, Aliko Dangote explained that while the company is focused on expanding its sugar refining capacity, it is equally committed to building a robust local value chain that will create employment, support communities, and promote sustainability. He revealed the company aims to generate over 75,000 jobs through expansion of sugar production facilities, backward integration projects, and other agricultural operations.
Despite economic headwinds, Dangote Sugar grew its turnover by 51 per cent, reaching N665.6 billion for the year ended December 31, 2024, up from N441.5 billion in 2023. Earnings per share rose from N6 to N15.80, showing strong revenue growth. However, the company reported a loss after tax of N192.6 billion, compared to a loss of N73.76 billion in 2023. The 161 per cent increase in losses raised questions, but the leadership attributed it to macroeconomic challenges and ongoing capital investments.
Ravindra Singhvi, the Group Managing Director/Chief Executive Officer, reiterated the company’s commitment to Nigeria’s sugar self-sufficiency. He said Dangote Sugar plans to produce 700,000 tonnes of sugar locally within the next five years, which would contribute substantially to national sugar demand and reduce import dependence.
Singhvi also said the company’s target is to achieve an annual production of 1.5 million metric tonnes of refined sugar from 2025 and beyond. This ambition aligns with the federal government’s National Sugar Master Plan (NSMP), aimed at stimulating local production, creating jobs, and saving foreign exchange.
Executive Director Mariya Dangote noted that several expansion projects are in progress, including Backward Integration Projects (BIP) and the commissioning of a new power plant to enhance production efficiency and reduce costs in the long run.
Shareholders present at the AGM expressed satisfaction with the company’s operational direction. Dr. Farouk Umar, President of the Association for the Advancement of the Rights of Nigerian Shareholders, commended the management for navigating economic difficulties and achieving a 51 per cent revenue increase. He praised the board for its focus on local production and value creation.
Similarly, Olagoke Olusegun, President of the De-Impressive Shareholders’ Association of Nigeria, said despite the loss, the leadership deserves credit for stabilizing the business and laying the foundation for long-term success.
Aliko Dangote, in his statement in the Annual Report, reaffirmed the company’s focus on sustainable growth, corporate governance, and community development. He restated his commitment to making Nigeria fully self-sufficient in sugar production, thereby eliminating reliance on imported raw sugar.
The company’s strong revenue growth, despite a substantial post-tax loss, underscores the mixed challenges facing Nigeria’s manufacturing sector. While foreign exchange volatility, rising costs, and inflation continue to weigh heavily on corporate earnings, Dangote Sugar’s investment in local production and job creation signals confidence in Nigeria’s long-term economic potential.
