Africa’s wealthiest man, Aliko Dangote, expressed profound dismay over the devaluation of the Nigerian naira, labeling it as biggest mess faced by his company in 2023.
Speaking at the annual general meeting of Dangote Sugar Refinery Plc, Dangote, who chairs Dangote Industries Limited, emphasized the hostile domestic operating environment caused by the backdrop of an election year and the inauguration of a new government.
Acknowledging the widespread impact of the currency devaluation, particularly on companies within the food and beverages sector, Dangote assured stakeholders of concerted efforts to maintain dividend payments despite prevailing economic adversities.
He highlighted the staggering devaluation of the naira, which plummeted from N460 to N1,400, resulting in a significant strain on businesses across various sectors.
Dangote stated, “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 added.
Last year, Dangote revealed a staggering N164 billion foreign exchange loss incurred by the company due to the country’s deteriorating economic landscape, notably stemming from the depreciation of the naira.
