Its a Good Move: After Losing $3.12 Billion, Dangote Hails Tinubus Forex, Other Policies

June 29, 2024

The chairman of Dangote Group, Aliko Dangote, has hailed President Bola Tinubu’s recent economic reforms
Dangote, who lost over $3 billion due to Nigeria’s naira float, stated that the President took the right step
He said he visited Tinubu alongside Bill Gates to acquaint him with their plans for Nigeria

Despite a shrunken net worth and losing his position as Africa’s richest man on the Forbes billionaire list, Aliko Dangote has hailed President Bola Tinubu’s naira devaluation and petrol subsidy removal policies.

The chairman of the Dangote Group applauded the elimination of Nigeria’s multiple foreign exchange rates and the floating of the local currency, which were mainly responsible for his loss of over $3 billion.

New policies cause crash in Dangote's fortunes

President Tinubu had said during his inaugural speech that “petrol subsidy is gone forever” and announced that the country would work to unify the exchange rate.

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TheCable reports that the move led to the Central Bank of Nigeria (CBN) collapsing the multiple forex windows into the I&E window. First introduced in 2016, the policy led to a massive fall of the naira, with ripple effects in the market.

Legit.ng reported that Dangote lost his position as Africa’s richest man on the Forbes list to Johann Rupert of South Africa.

His fortunes were impacted heavily by CBN's floating of the country’s currency as most of his companies’ stocks, especially Dangote Cement, are quoted in the local currency at the Nigerian Stock Exchange.

The billionaire, who visited Tinubu on Monday, June 19, 2023, lauded the economic reforms of Nigeria’s new leader.

Dangote said:

“All is great, and things are going well, and we also congratulated the president on the removal of subsidy,” the billionaire said.

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“I think he is doing a great job. I expect that it’s going to be better for everybody. There will be more money now to put into education, health, infrastructure, and other areas, and our role is to help support him to make sure he achieves his vision.”“Our visit was a courtesy call. Bill Gates and I came in to congratulate the President for his successful election and brief him on what Bill and Melinda Gates Foundation and Aliko Dangote Foundation have been doing in Nigeria,” he said.“And also to show our commitment to do more and to help Nigerians so that our health sector will be better for everyone.“Nigerians have been getting quite a lot from both foundations, and we expect more from the government in teams of cooperation, and we will also do more from our side.”

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