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HomeLatestDevaluation of Naira in 2023 is Biggest Mess — Dangote 

Devaluation of Naira in 2023 is Biggest Mess — Dangote 

Ismail Abdulazeez Mantu Reporting 

 

Aliko Dangote, the chairman of Dangote Industries Limited, expressed that the naira devaluation had a significant negative impact on the company in the year 2023.

Dangote addressed attendees on Tuesday at the yearly general assembly of Dangote Sugar Refinery Plc.

Dangote has conveyed that the company is diligently working towards delivering dividends this year.

He mentioned that numerous companies, particularly those in the food and beverages sector, have also been impacted and may face challenges in distributing dividends.

“We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends because if you look at our dividends last year, it was almost 50 percent more so we will try and get out of the mess.

“The biggest mess created was actually the devaluation of the naira from N460 to N1,400.

“You can see almost 97 percent of the companies, especially in food and beverages businesses, none of them will pay dividends this year for sure but, we will try and get out of it as soon as possible.

“We want to see that at the end of the day, no matter how small, we will be able to pay some dividends, especially if there is a rebound of the naira.”

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