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Dangote highlighted the importance of the government’s national backward integration policy, which aims to create a self-sufficient domestic sugar industry by incentivizing local producers.
Dangote Sugar’s $49.6-million first-quarter 2024 loss stemmed primarily from a $74-million foreign exchange loss from the group’s business operations.
As the majority owner of NASCON, Dangote’s stake in the salt and seasoning processing company is worth over $74 million.
Revenue for the first three months of 2024 climbed to N79.16 billion ($62.6 million), up from N30.78 billion ($23.83 million) in the prior-year period.
In the first quarter of 2024, Dangote Cement’s Nigerian operations shipped a total of 178,000 tonnes of clinker to Cameroon and Ghana.
Group revenue from cement, clinker, and other products surged 100 percent year-over-year, reaching N817.35 billion ($659.3 million).
The Independent Petroleum Marketers Association of Nigeria (IPMAN) expects the Dangote refinery to reduce diesel prices further.
The recent decision to ramp up operations, follows Dangote Refinery’s move to slash diesel prices in Nigeria, marking a substantial decrease from previous rates.
The recent price cut follows the commencement of operations at the Dangote Oil Refinery, a landmark achievement for Nigeria’s pursuit of energy independence.
Dangote remains Africa’s richest person and the world’s wealthiest Black billionaire. His net worth has surged past $17 billion.
By offering diesel at N1,200 ($1), below the market rate of N1,650 ($1.325), Dangote believes inflation will decrease.
The Dangote Petrochemical Complex, located on a peninsula on the outskirts of Lagos, represents a significant leap in industrial advancement.
His latest $11.02-million food intervention program underscores his unwavering commitment to improving lives and tackling social challenges in Nigeria.
Dangote’s financial resurgence reflects not only his vast fortune and investment portfolio but also the broader economic dynamics at play within Africa’s biggest economy.
This decline is influenced by the recent devaluation of the Nigerian currency — the country’s second devaluation in eight months.
This strategic maneuver by Dangote is expected to bring about a significant transformation in power and profit dynamics within the petroleum industry,