Home News Naira depreciation biggest challenge in 2023 – Dangote

Naira depreciation biggest challenge in 2023 – Dangote

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Naira depreciation biggest challenge in 2023 - Dangote

The President of Dangote Industries Limited, Aliko Dangote, has said that the depreciation of the local currency was the company’s biggest challenge in 2023

Naira depreciation biggest challenge in 2023 - Dangote
Naira depreciation biggest challenge in 2023 – Dangote

He stated this on Tuesday during his remarks at the Annual General Meeting of Dangote Sugar Refinery Plc.

According to Dangote, the domestic operating environment was harsh, being an election year that saw a new government sworn into office on May 29, 2023.

The business mogul also noted that many manufacturing companies were affected and reported operational losses arising from fluctuations in the value of the naira against the US dollar.

He said, “The biggest mess created was the devaluation of the naira from N460 to N1,400. You can see that almost 97 per cent of companies in the food and beverage business, none of them will pay dividends this year. But we will try and get out of it.”

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