Nigerians React To Dangote's N288bn Milk Production Plan | Naija News
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Nigerians React To Dangote’s N288bn Milk Production Plan



Nigerians React To Dangote's N288bn Milk Production Plan

A storm of reactions by Nigerians has greeted the decision by the President of Dangote Group, Aliko Dangote, to invest $800 million (N288 billion) in dairy production in the next three years.

Naija News understands that Dangote will own 50,000 cows by 2019, and produce 500 million litres of milk per year.

Also, Dangote Group, principally owned by Africa’s richest man, plans to invest $3.8 billion in sugar and rice

An estimate by the World Health Organisation (WHO), says Nigeria needs about 1.5 billion litres of milk annually.

The department of agriculture of the WHO, 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.

Naija News understands that the development means Dangote Group will produce a third of Nigeria’s ideal demand and nearly all of its current import.

A report by Bloomberg, says Dangote Group seeks to expand and deal with a shortage of dollars needed to import raw materials.

Moments after the news Dangote’s proposed milk production broke, Nigerians took to the micro-blogging site, Twitter,  to air their opinions on the plan.

Naija News captured some of the reactions below…

Source: Naija News