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The market growth of sugar in Nigeria is being aided by the growing indigenous production of sugar and its raw materials in the country. The introduction of various favourable government initiatives to surge the domestic production of sugar while reducing the reliance on imports is propelling the market growth. In addition, the rising use of sugar in the cosmetics and personal care industry is fuelling the development of the market. The exfoliating properties of sugar are surging its deployment in face care applications. Sugar also has hydrating properties, making it suitable for cosmetics deployment, hence bolstering the market growth. In addition, the trend of do-it-yourself (DIY) skincare is expected to surge the demand for sugar, which is projected to provide impetus to the market growth in the forecast period.
Dangote Sugar (NGX: DANGSUGAR), the subsidiary of Dangote Industries Limited, one of the leading companies in the market, signed a deal with Savannah Sugar Limited Ltd (SSCL) in July 2020 for the acquisition of the company. The acquisition would enhance the production capacity while surging the company's profitability. This is expected to produce 1.44 million tonnes of sugar after the acquisition by leveraging Savannah’s production capacity of sugarcane. Such mergers and acquisitions are expected to surge the indigenous production of sugar in Nigeria and bolster the market's growth in the forecast period.
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The major players in the Nigerian sugar market are BUA Group, Dangote Industries Limited, FMN Plc. Graceco Ltd, and Dogan's Sugar Limited., among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.
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