The Biggest Mess Of 2023 Was The Devaluation Of The Naira From ₦460 To ₦1,400 – Dangote

The chairman of Dangote Group, Aliko Dangote, has described the devaluation of the naira from ₦460 to ₦1,400 as the biggest mess of the year 2023.

According to him, the devaluation had a great impact on the company’s performance.

He made the submission on Tuesday while speaking to attendees at the yearly general assembly of Dangote Sugar Refinery Plc.

Dangote, who said his outfit is working hard at getting out of the situation, added that many other 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,” he said.