DANGOTE ACQUIRES AGRICULTURAL LAND IN TARABA STATE
Dangote industries’ foray into agriculture has reached another milestone as the Taraba state government, North central Nigeria, announced that the billionaire businessman, Aliko Dangote has paid 1.2 billion naira ($7 million) to the state, as compensation for land acquired in Lau Local Government area. About 2,500 land owners in the local government will be compensated, with an initial 300 billed to receive payments in the first phase.
The acquisition of the vast expanse of land will enable Dangote industries to commence the cultivation of sugar cane, as part of the company’s backward integration strategy. Aliko Dangote had announced at the World Economic Forum for Africa, that his company had sourced land in Adamawa, Taraba, Kebbi, Sokoto and Jigawa states for the cultivation of sugar cane. The company has also acquired land in Edo and Niger states for rice cultivation.
The group is also building a $25 million tomato-paste factory, which is expected to serve over 8,000 farmers in the Kadawa valley of Kano state. Aliko Dangote hopes to create over 150,000 jobs through his latest venture into agriculture. He will be investing about $2.3 billion into agriculture, mainly sugar and rice production.