At the annual general assembly of Dangote Sugar Refinery Plc, Aliko Dangote, the titan behind Dangote Industries Limited, didn’t mince words about the havoc wreaked by the naira’s freefall from N460 to N1,400 in 2023.
Addressing the audience on Tuesday, Dangote pulled back the curtain on the grim reality facing not just his conglomerate but an entire sector plunged into uncertainty.
“The biggest mess created was actually the devaluation of the naira from N460 to N1,400,” lamented Dangote, highlighting the staggering 205% drop that jolted businesses nationwide.
With a resolute tone, he pledged Dangote Industries’ unwavering commitment to weathering this storm, promising stakeholders that the company is laser-focused on delivering dividends despite the tumultuous economic landscape.
“We are doing whatever it takes to make sure that at the end of the day, we will be paying dividends,” affirmed Dangote, echoing the determination to navigate through the financial turbulence.
Dangote’s sobering insights shed light on the broader challenges facing Nigeria’s economic pillars, urging resilience and strategic maneuvering in the face of unprecedented currency fluctuations.
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