Dangote Feels Heat Of Economic Challenges As Net Worth Sheds $1.1bn
LAGOS FEBRUARY 25TH (NEWSRANGERS)-Africa’s richest man and Chairman of Dangote Group, Aliko Dangote is feeling the heat of Nigeria’s economic crisis with his net worth shedding $1.1bn or the equivalent of N1.88tn (N1,665.5/$).
The billionaire’s misfortune is coming one week after he earned a whopping $144m, an equivalent of N221.46bn (N1,537.9/$) in a single day.
From a net worth of $15.9bn on February 17, 2024, Dangote has seen his wealth fall to $14.8bn by the end of trade on Friday, February 23, 2024.
The Bloomberg Billionaire Index figures analysed by THE WHISTLER showed that Dangote is not immune to the pressures of the current economic challenges.
Almost all Nigerian businesses are hit by high costs of production and foreign exchange crises. The Naira closed at N1,665.5 per dollar at the Nigerian Autonomous Foreign Exchange Market and N1,800 at the black market on Friday.
Dangote wealth comes from his Dangote Cement, Dangote Sugar Refinery, and other companies that are at the mercy of Nigeria’s ailing currency.
The billionaire’s daughter and Group Executive Director of Dangote Industries Limited (DIL), Fatima Aliko-Dangote said in a recent interview, “A lot of our inputs are imported and the dollar trades high.
“Diesel is priced in dollars; our sugar input is imported from Brazil and we pay in dollars. We also import crude salt from Brazil.”
She said most of the raw materials for cement production are sourced locally adding however that other inputs are imported in dollars which is frustrating their production.
“We buy gas in dollars and our trucks are purchased in dollars. Our tyres and other spare parts are also sourced in dollars,” said Fatima.
The Whistler
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Posted by News Rangers
on Feb 25 2024. Filed under Business, National.
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