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Dangote Group, Nestle Nigeria and MTN Nigeria, alongside four of Nigeria’s most capitalised companies, lost N1.7tn to the depreciation of the naira in 2023.
According to an analysis of their financial statements published on the website of the Nigerian Exchange Group, the listed firms incurred significant losses in the 2023 financial year, largely due to forex-related losses.
Nigeria’s largest conglomerate, Dangote Industries, in its 2023 financial statement said it incurred N164bn FX loss in 2023. The conglomerate said the loss was primarily due to its operations in other countries.
Another manufacturing giant, BUA, also reported a forex loss of N69.9bn.
