A lack of foreign exchange means companies are struggling to pay for imported goods, increasing the burden on local agriculture to meet demand for food from Nigeria’s population of more than 180 million, Devakumar said. “All raw sugar has to be imported today, same thing for flour milling,” he said.
Dangote plans to cultivate 350,000 hectares (864,850 acres) of land for sugar cane and add 200,000 hectares for rice, according to the executive director. The company has ordered five plants for sugar milling and 10 for rice from Switzerland to be located in the north of the country, he said.
Sourcing Funds
The Lagos-based company will finance the projects through “internal resources or equity funding” and loans from banks and export-credit agencies, Devakumar said. The funds will be used mainly to procure “farm-development equipment” as well as sugar and rice mills, he said.
1 NGN = 0.00317715 USD
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The Lagos-based company will finance the projects through “internal resources or equity funding” and loans from banks and export-credit agencies, Devakumar said. The funds will be used mainly to procure “farm-development equipment” as well as sugar and rice mills, he said.
1 NGN = 0.00317715 USD
Read more at agweb.com
