The floating of the naira by President Bola Tinubu’s administration has been described by the Chairman of Dangote Industries Limited, Aliko Dangote as the biggest mess that affected his company and other business owners in 2023.
According to Sahara Reporters, the remark was made by Dangote on Tuesday at the Annual General Meeting of Dangote Sugar Refinery Plc.
According to Dangote, many businesses were affected by the policy adding that several manufacturing enterprises were impacted and suffered operational losses due to variations in the naira’s value against the US dollar.
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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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