Chairman of the Dangote Group, Aliko Dangote, has projected a significant appreciation of the naira, stating that the currency could trade as low as ₦1,100 to the dollar before the end of the year.
Speaking on Tuesday at the launch of the Nigeria Industrial Policy in Abuja an event attended by Vice President Kashim Shettima and other top officials Dangote expressed confidence that ongoing government reforms are beginning to yield tangible results.
According to Channels Television, Dangote noted that although the naira is currently trading around ₦1,300 to the dollar, policy measures introduced by the administration are boosting confidence among manufacturers.
“I believe with the policies that you have implemented in government, people are now seeing the results, and manufacturers are very, very happy,” he said.
Dangote added that reducing import dependence would further strengthen the local currency.
“Today, the dollar is around ₦1,340. Mr Vice President, I can assure you that, with what I know, by blocking unnecessary importation, the currency this year could be as low as ₦1,100 if we are fortunate,” he stated.
However, he cautioned that a stronger naira presents a delicate balance for policymakers. While currency appreciation could lower the cost of goods in Nigeria’s import-driven economy, it may also reduce government revenue in naira terms.
Describing it as a “catch-22 situation,” Dangote stressed that Nigeria must shift from heavy reliance on imports to robust local manufacturing. “What we should be doing is manufacturing all the things that we need,” he said.
He also called for greater protection and incentives for local investors, pointing to infrastructure deficits particularly unreliable power supply as persistent barriers to industrial growth.
“While the policy is in order, it must be backed with full protection for industrialists to drive the nation’s goal of industrialization, job creation, and economic growth,” Dangote added.
His remarks come amid a strong rally in Nigeria’s capital market. Bloomberg recently reported that Nigerian equities delivered the world’s second-best dollar returns in 2026, rising 31% and recovering $21 billion in market value lost after the naira’s sharp devaluation in 2024. Total market capitalization on the Nigerian Exchange Group now stands at about $84 billion, roughly 58% higher than pre-devaluation levels.
Meanwhile, billionaire businessman Femi Otedola has offered an even more bullish outlook. He previously projected that the naira could trade below ₦1,000 to the dollar before the end of 2026, following the Dangote Petroleum Refinery reaching full production capacity of 650,000 barrels per day.
Otedola described the refinery’s output as transformational, noting that its capacity to supply up to 75 million litres of Premium Motor Spirit daily would significantly conserve foreign exchange and reshape Nigeria’s energy landscape.
“I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” he said.
The naira has recently shown signs of recovery, trading around ₦1,354 per dollar at the official foreign exchange market and between ₦1,430 and ₦1,440 on the parallel market its strongest levels in more than two years, according to market
