Aliko Dangote, Africa’s richest man, pointed to the devaluation of the Nigerian naira as the biggest challenge his company faced in 2023.
Speaking at the annual general meeting of Dangote Sugar Refinery Plc, Dangote acknowledged the difficult operating environment created by the devaluation, particularly within the context of a new government taking office during an election year.
Despite the challenges, Dangote assured shareholders that the Dangote conglomerate is striving to pay dividends in 2024. He highlighted the significant impact the devaluation had on the broader Nigerian business landscape, particularly within the food and beverage sector, where many companies are unable to pay dividends.
“We are doing everything we can to ensure we pay dividends this year,” Dangote said. “Looking at last year’s dividends, they were almost 50% higher, so we’ll try to get out of this mess.”
Dangote elaborated, stating, “The biggest mess created was the devaluation of the naira from N460 to N1,400. You can see that almost 97% of companies, especially in food and beverages, won’t be paying dividends this year. But we’ll try to get out of it as soon possible.”
He expressed his hope that the company can still manage to pay some dividends, even if a smaller amount, especially if the naira rebounds.
