Dangote describes the floating of naira by President Tinubu’s administration as the biggest mess that affected his company
The Chairman of Dangote Industries Limited, Aliko Dangote has described the floating of naira by President Bola Tinubu’s administration as the biggest mess that affected his company & other business owners in 2023.
Floating the naira allows market forces to determine its value in other currencies.
Speaking at an event on April 30, the billionaire said several manufacturing enterprises were impacted and suffered operational losses due to variations in the naira’s value against the US dollar.
According to him, “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 & get out of the mess.
The biggest mess created was the devaluation of the naira from N460 to N1,400. You can see almost 97% of the companies, especially in the food & beverages businesses, none of them will pay dividends this year for sure but, we will try & get out of it as soon as possible.
