Chairman of the Dangote Group, Aliko Dangote, has projected a significant appreciation of the naira, stating that the currency could strengthen to as much as ₦1,100 against the US dollar before the end of the year if current government policies are sustained.
Dangote made the remarks on Tuesday in Abuja during the launch of Nigeria’s Industrial Policy, an event attended by Vice President Kashim Shettima and other top government officials, according to Channels Television.
With the naira currently trading at about ₦1,300 to the dollar, Dangote expressed confidence that recent economic reforms are beginning to yield tangible results, particularly for manufacturers.
“I believe with the policies that you have implemented in government, people have started seeing the results, and manufacturers are very, very happy,” he said.
He further stated, “Today, the dollar is ₦1,340. Mr Vice-President, I can assure you that, with what I know, by blocking all this importation, the currency this year will be as low as ₦1,100 if we are lucky.”
Dangote, however, noted the delicate balance policymakers must manage. According to him, a stronger naira could reduce government revenue in local currency terms, describing the situation as a “catch-22.”
“The only thing is for, maybe, the government to stop the naira from getting stronger so that they will keep collecting more naira. But it’s a catch-22 situation. If the naira gets stronger, it means that everything will go down. Everything will go down because we are an import-based country, which we shouldn’t be. What we should be doing is manufacturing all the things that we need,” he added.
The billionaire industrialist also called for enhanced protection of local investors through policy incentives and improved infrastructure, particularly in the power sector, which he described as a persistent challenge to industrial growth.
Similarly, Chairman of Forte Oil, Femi Otedola, recently projected that the naira could trade below ₦1,000 to the dollar before the end of 2026. His optimism is anchored on the anticipated full-capacity operations of the Dangote Petroleum Refinery.
Otedola described the refinery’s 650,000 barrels-per-day capacity as transformational for Nigeria and the broader African energy market. He noted that its ability to supply up to 75 million litres of Premium Motor Spirit daily would significantly reduce fuel imports and conserve foreign exchange.
“I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola had said.
The projections by both industrialists come amid ongoing economic reforms aimed at stabilising the foreign exchange market and boosting domestic production.
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