Dangote Sugar Refinery Plc.yesterday explained the reasons behind the firm’s inability to achieve its forecast for 2017.
The firm’s Acting Managing Director, Sule Abdulahi gave the explanation during the companys Fact Behind Figure presentation at the Nigeria Stock Exchange (NSE).
He stated that the challenges was mostly due to low consumption of sugar as well as low supply of energy, “As for 2017 budget not being met, what has happened are these challenges, you know sugar consumption has been lower as a result, it imparted some of the budget, I clearly indicated when we talk of ratio, we actually need 80 per cent of gas, 20 per cent of LBM but today we are using 50:50”.
He however assured that price of sugar in the market is no longer on the high side adding that in as much as FOREX continue to come down, the price will continue to be affordable.
“On price of sugar, have you not been to the market recently the price which has gone as high as N20, 000 has come down to N17, 000”, he assured.
Abdulahi disclosed that through the firm’s robust Out Growers Scheme, a lot of people have offered employment opportunities adding that farmers were equipped with loans and fertilizer for rice production.