Aliko Dangote who is ranked the richest man in Africa lamented over the financial losses of the Dangote Group after Federal Government's Monday 20th June 2016 devaluation of the naira.

Speaking while vice president Yemi Osinbajo and Lagos governor Akinwunmi Ambode inspected construction projects at the Dangote Fertiliser and Dangote Refinery in Lekki, Lagos State on Saturday 25th June 2016, Dangote said:
"This week, the Central Bank removed the peg that has held the naira at the official rate of 197 for the last 16 months, leading to a 30 per cent devaluation as the currency traded freely on the interbank market. This devaluation alone, we have lost over 50 billion naira ($176 million).

"The gas, which is our main source of power, is priced in dollars. If there is 40 per cent devaluation, your price will go up by 40 per cent. Every single aspect of the production will go up by that percentage."

lalasticlala seun

Source: http://www.nglatest.com/2016/06/i-lost-50bn-naira-after-buharis-new.html

Don't worry mr dangote. You even get money to lose sef. Millions of nigerians no even see money muchless losing it. The other day i waka for almost 1 hour because i dey search for 20 naira wey i bin put for my back pocket.

Dangote has been buying $ at 197/$ since last year

Gerraut rof heya. What do u want the poor masses to say ?

My account never balance my oga go injure me 2day.

missNGLatest:
Dangote has been buying $ at 197/$ since last year

Yes and that was because he was building a refinery that will make us save billions of dollars in forex in few years time

Shut up! See Dollar Billionaire complaining!

mrvitalis:

Yes and that was because he was building a refinery that will make us save billions of dollars in forex in few years time

May be, Government should tax every corporation N2000 a day for one year and be given to Dangote, your saviour.

I am sorry for you. That action alone is why foreign investors exited Nigerian market and more also, infant industries are collapsing. Thank goodness, the government has come to their senses to allow equality, openness and free market to take its course.

Nigerians should celebrate the liberation as if tomorrow no dey. Our losses, Dangote's gains

missNGLatest:
Dangote has been buying $ at 197/$ since last year

yes! He has access to forex.

MadamExcellency:


May be, Government should tax every corporation N2000 a day for one year and be given to Dangote, your saviour.

I am sorry for you. That action alone is why foreign investors exited Nigerian market and more also, infant industries are collapsing. Thank goodness, the government has come to their senses to allow equality, openness and free market to take its course.

Nigerians should celebrate the liberation as if tomorrow no dey. Our losses, Dangote's gains

U need basic economics
Who stops u from building a refinery??

mrvitalis:

U need basic economics
Who stops u from building a refinery??

Just because you have no business to know how hard we've been through since the dubious policy? Continue living on Nairaland while things degenerate out of plan.

MadamExcellency:



Just because you have no business to know how hard we've been through since the dubious policy? Continue living on Nairaland while things degenerate out of plan.

Thank u..
U better know the origin of ur problem
U better know there is no solution that's won't take years( next time Nigerians would be interested in what is happening to the forex reserves)

mrvitalis:

Thank u..
U better know the origin of ur problem
U better know there is no solution that's won't take years( next time Nigerians would be interested in what is happening to the forex reserves)

I thought you had a considerable knowledge of classroom economics but alas you disappointed me.

Benin Republic and Cameroon still issue Forex to many Southeast businesses that recently registered there for the very purpose of evading hash monetary policies of this administration hence your excuses are lame.

The problem Nigeria had was blocking the incoming dollars from overseas with government useless monetary and fiscal policies hence demand exceeded supplied Forex coming from sales of crude oil which was supposed to contribute nothing more than 40% - 50% of forex supply.