(Ecofin Agency) - Africa’s richest man, Aliko Dangote (photo), has revealed plans to invest N106 billion ($338 million) in the Dangote Sugar Refinery (DSR) to boost the Dangote Group's profitability and enhance the payment of dividends. The investment will be made over the next four to six years.

Speaking to shareholders at its 11th Annual General Meeting for the 2016 financial year in Lagos, Dangote said part of the investment had been committed to the actualization of DSR’s Backward Integration Project (BIP) which involves the purchase of equipment, land studies and surveys as well as carrying out sensitization campaigns in local communities. He said the remaining part is for the rehabilitation and expansion of the Savannah Sugar Company, the sugar division of Dangote Industries Limited.

Aside announcing the investment, the industrialist told shareholders that the company during the financial year reviewed the BIP strategy with more attention given to the expansion of the Savannah Sugar Company in Apapa, the Greenfield project in Nasarawa, and the Lau/Tau project in Taraba.

According to Dangote, the company aims at producing 1.5 million tonnes of refined sugar from local input in the next six years and in this regard will continue the effective management of its resources to achieve the target.

Anita Fatunji