Dangote Sugar Refinery Plc (DSR) plans to pay N18.22 billion as dividends to shareholders despite the economic challenges faced in 2022.

The company aims to produce over 170,000 tonnes of sugar in the next season, the highest ever produced locally in Nigeria. DSR recorded a 46% increase in turnover to N403 billion and a Profit before Tax (PBT) of N82 billion, attributed to the management's pragmatic approach and adherence to the Federal Government's Sugar Master Plan.

The company's success was also facilitated by the rehabilitation and upgrade of facilities and the development of greenfield sugar projects. The second phase of the Sugar Master Plan has been approved for the next 10 years, following the review of the first phase.

Dangote said part of the success recorded by Dangote Sugar was made possible by the management’s continued implementation of the Dangote Sugar Development Master Plan with the rehabilitation and upgrade of the Dangote Sugar Refinery’s Numan operations, facilities and land development, as well as the development of the Nasarawa Sugar Company Limited, the greenfield sugar project, and Tunga in Nasarawa State.

The Company Chairman noted that during the year under review, the first phase of the Sugar Master Plan implementation period came to an end and that the Federal Government approved the second phase over the next 10 years.