Dangote Identifies Naira Devaluation as Most Significant Issue of 2023


During the annual general meeting of Dangote Sugar Refinery, Aliko Dangote, the Chairman of Dangote Industries Limited, expressed his perspective on the challenges faced by his company in 2023.

Specifically, Dangote highlighted the significance impact of the devaluation of the Naira identifying it as the most considerable issue encountered during that period. He elaborated on how this currency devaluations adversely affected not only Dangote Limited but also numerous other companies operating within the country.

Da gore emphasized the widespread ramifications of this economic phenomenon, underscoring its disruptive effects on business operations and financial stability across various sectors in Nigeria.

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 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 business, 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.”

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