(Ecofin Agency) - Aliko Dangote (photo) intends to invest $700 million in establishing a sugar processing facility in Nasarawa State, Nigeria.

According to Dangote, the processing plant which will be located in Tunga in Awe Local Government area is expected to create 30,000 direct and indirect “jobs and increase the Internally Generated Revenue (IGR) of the state.”

He said the sugar plantation will occupy 60,000 hectares and will be completed in about two and half years. Once completed, the plant will produce 480,000 tonnes of sugar, which is about 27% of Nigeria’s consumption.

Indeed, Nigeria is one of the top ten net importers of sugar in the world with imports at 1.48million metric tonnes annually. The country consumes 1.7million metric tonnes of sugar annually.

Anita Fatunji