Aliko Dangote, president of Dangote Group, will own 50,000 cows by 2019, and produce 500m litres of milk per year.
DANGOTE TO INVEST IN RUGA
The group, principally owned by Africa’s richest man, plans to invest $3.8bn in sugar and rice and $800m in dairy production in the next three years.
World Health Organisation estimates, Nigeria needs about 1.5 billion litres of milk annually.
US department of agriculture also puts Nigeria’s “insufficient” milk import at $225 million per year, stating that the country’s dairy market has a potential in excess of $3 billion. The conglomerate plans to increase its production of sugar to 1.5 million metric tonnes a year by 2020 from 100,000 tons now and is seeking to add 1 million tonnes of rice. Dangote plans to cultivate 350,000 hectares (864,850 acres) of land for sugar cane and add 200,000 hectares for rice, according to Devakumar.
The company has ordered 5 plants for sugar milling and 10 for rice from Switzerland to be located in the north of the country, he said.