Naira Devaluation: The Biggest Mess of 2023 - Aliko Dangote
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| Naira Devaluation: The Biggest Mess of 2023 - Aliko Dangote |
The billionaire entrepreneur highlighted that the devaluation of the Naira from N460 to N1,400 was the biggest mess created in 2023, affecting almost 97% of companies in the food and beverages sector
Aliko Dangote, Africa's richest man and Chairman of Dangote Industries Limited, has expressed his concerns about the devaluation of the Nigerian currency, the Naira, which he believes was the biggest challenge for his company in 2023. Speaking at the annual general meeting of Dangote Sugar Refinery Plc, Dangote lamented that the domestic operating environment was hostile, particularly due to the election year and the new government transition.
Despite the challenges, Dangote assured that the conglomerate is working hard to pay dividends this year. He acknowledged that many companies in Nigeria, especially in the food and beverages sector, have been affected by the devaluation and are struggling to pay dividends. "We are doing everything possible to ensure that we pay dividends, even if it's a small amount, especially if the Naira rebounds," Dangote said.
The billionaire entrepreneur highlighted that the devaluation of the Naira from N460 to N1,400 was the biggest mess created in 2023, affecting almost 97% of companies in the food and beverages sector. Last year, Dangote announced a N164 billion foreign exchange loss due to the worsening economic situation in the country, largely caused by the Naira devaluation.
In conclusion, the devaluation of the Naira has had a significant impact on businesses in Nigeria, with many struggling to stay afloat. Dangote's efforts to pay dividends despite the challenges demonstrate his commitment to his investors and stakeholders. As the economy continues to evolve, it is essential for businesses and policymakers to work together to find solutions to mitigate the effects of the Naira devaluation and promote economic growth.
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