Africa’s richest man, Aliko Dangote, says the devaluation of Naira was the biggest mess for his company in 2023.
The Daily Trust reports that the Chairman of the Dangote Industries Limited made this statement during the annual general meeting of Dangote Sugar Refinery Plc.
According to him, the domestic operating atmosphere for his business was hostile, being an election year that had a new government sworn into office.
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He added that due to the devaluation of the naira from N460 to N1,400, 97 percent of the companies, especially in food and beverages businesses, will not pay dividends this year.
Last year, Dangote announced N164 billion FX loss due to the worsening economic situation of the country notably from the devaluation of Naira.
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