As a way of reducing unemployment and contributing to the revitalisation of the Nigerian economy, Dangote Group has decided to scale up investments in agriculture. The investment, which was announced at the just concluded 2nd Edition of the Agribusiness Summit in Abuja, is expected to create jobs in the country.
According to Dangote Group’s Executive Director, Strategy, Capital Project and Portfolio Development, Mr Devakumar VG Edwin, the company has chosen to invest in agriculture because it was the only most visible way of addressing the high unemployment rate in the country.
Mr Edwin stated that the Group would be investing in rice, tomato paste, sugar and dairy products and expressed optimism that the huge investments that would bring about real growth and development of the economy of the country.
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He disclosed that there was an ongoing investment in 15,000 hectares to produce and process tomato paste of 150,000 tons per year as the current import is 0.5million tons per year.
He said that the company would equally invest in 40,000 hectares to produce sugar and that there was an ongoing construction of a 3 million tons fertilizer plant, adding that the Pan-African Conglomerate has also set in motion another state-of-the-art storage silos in addition to the parboiling, rice milling, polishing, sorting and parking that the company had started for a total capacity of one million tons of paddy.
Mr. Edwin further disclosed that the company was also planning on including investment in dairy products and oil seeds.
“Agriculture employs 37% of the population. This is against the backdrop of the 23% unemployment rate in the country. The time is rife to put the agricultural sector in the front burner, more so that Nigeria’s ever-growing population is projected to hit 440 million by the year 2050,” he said.
Samson Oyedeyi
