Aliko Dangote, chairman of the Dangote Group, has projected that the naira could strengthen to N1,100 against the US dollar before the end of 2026.
According to Channels Television, Dangote made the remarks on Tuesday at the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other dignitaries.
With the naira currently trading at about N1,300 to the dollar, Dangote said ongoing government reforms are beginning to yield positive results.
“I believe with the policies that you have implemented in government, people now have started seeing the result, and manufacturers are very, very happy,” he said.
He added, “Today, the dollar is N1,340. 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 N1,100 if we are lucky.
“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 where, now, 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.”
Dangote also urged stronger protection for local investors through improved incentives and infrastructure, identifying electricity supply as a persistent obstacle to industrial growth.
Earlier, Femi Otedola predicted that the naira could trade below N1,000 to the dollar before the end of 2026, citing the expected impact of the Dangote Petroleum Refinery reaching its full capacity of 650,000 barrels per day.
Otedola described the refinery’s output as “transformational for Nigeria and Africa,” noting that its capacity to supply up to 75 million litres of Premium Motor Spirit daily could significantly alter Nigeria’s energy outlook and help 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.
