Africa's Richest Man Aliko Dangote To Invest $700 Million In Sugar ProcessingAfrica’s richest man, Aliko Dangote plans to invest $500 million in establishing a sugar processing facility in Nasarawa State, Nigeria.

According to a report by Channels Television, Dangote disclosed this on Friday during a courtesy call to the state governor Tanko Al-Makura in Lafia, the state capital.

Nigerian businessman and Africa's richest man Aliko Dangote (L) poses for a selfie picture with French General Director of the Banque Publique d'Investissement (BPI, Public Investment Bank) Nicolas Dufourcq as they leave the Elysee presidential Palace following a meeting between French President and French and African businessmen on October 7, 2016 in Paris. (Photo credit should read STEPHANE DE SAKUTIN/AFP/Getty Images)

Dangote said that the sugar plantation which will be located in Tunga in Awe Local Government area will be the largest sugar plantation in West Africa and would create 30,000 direct and indirect jobs. Dangote also said the plantation would create enabling environment for other industries to spring up in the state. “This will create multiplicity of jobs and increase the Internally Generated Revenue (IGR) of the state,” Dangote said.

The sugar plantation will occupy 60,000 hectares and will be completed in less than 30 months. When completed, it will produce 480,000 tonnes of sugar, which is about 27% of Nigeria’s’ consumption. Dangote estimates the project will cost about $700 million.

According to the FORBES list of world billionaires published today, Aliko Dangote is still Africa’s richest man with a fortune estimated at $12.2 billion.

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