NAIRA FLOATING CREATED A MESS, FMCG COMPANIES CAN’T PAY DIVIDENDS – ALIKO DANGOTE

Aliko Dangote, Chairman Dangote Industries Limited, has called President Bola Tinubu’s administration’s floating of the naira the biggest mistake that harmed his company and other business owners in 2023. 

Dangote made the statement during the Dangote Sugar Refinery Plc Annual General Meeting. 

According to Dangote, many firms were impacted by the policy, also mentioned that several manufacturing companies had operational losses due to fluctuations in the value of the naira in relation to 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.”