The biggest disaster to hit Dangote Industries Limited and other business owners in 2023, according to Chairman Aliko Dangote, was the floating of the naira during President Bola Tinubu's administration.
According to Sahara reporters, The naira's floating allows the market to decide how much it is worth in reference to other currencies. In his remarks at the Dangote Sugar Refinery Plc Annual General Meeting on Tuesday, Dangote stated as much, noting that the policy had an impact on other firms.
According to Dangote, changes in the value of the naira in relation to the US dollar had an effect on and caused operating losses for a number of manufacturing companies.
He declared, "The devaluation of the naira from N460 to N1,400 produced the largest problem."
As you can see, not a single one of the nearly 97% of businesses in the food and beverage industry plans to pay dividends this year. However, we'll make an effort to escape it.
Dangote and Abdulsamad Rabiu, two of the nation's well-known billionaires and two of the 500 richest persons in the world, lost $5.85 billion shortly after Tinubu put the policy into effect.
Data from June 15, 2023, on the Bloomberg Billionaire Index (BBI), a daily ranking of the world's wealthiest people webpage, revealed declining trends in the estimations of the Nigerian businessmen's fortune.
In April, a Bloomberg report stated that Nigeria was depleting its foreign exchange reserves at a pace not witnessed in the previous four years.