Dare Babalola
Chairman of the Dangote Group, Aliko Dangote, has predicted a significant strengthening of the naira, saying the currency could reach N1,100 to a dollar this year.
Dangote said this on Tuesday while speaking at the launch of the Nigeria Industrial Policy in Abuja.
While the naira goes for around ₦1,300 to a dollar, Dangote says the reforms by the government mean better days are ahead.
“I mean, today, if you look at it, Your Excellency, I believe with the policies that you have implemented in government, people now have started seeing the result, and manufacturers are very, very happy.
“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 called for stronger protection for local investors through incentives and infrastructure, highlighting power supply as a persistent challenge.
“While the policy is in order, it must be backed with full protection for industrialists to drive the nation’s goal for industrialisation, job creation, and economic growth,” he said.
The remarks come as Nigerian stocks continue to perform strongly.
Bloomberg reported that Nigerian equities delivered the world’s second-best dollar returns in 2026, climbing 31% and recovering $21 billion in market value lost after the naira’s sharp devaluation in 2024.
Total market capitalisation on the Lagos Exchange now stands at about $84 billion, roughly 58% higher than before the naira’s collapse.
Otedola had previously predicted that the naira could trade below ₦1,000 to the US dollar before the end of 2026, following the Dangote Petroleum Refinery reaching its full production capacity of 650,000 barrels per day.
He described the refinery’s output as “transformational for Nigeria and Africa” and said its ability to supply up to 75 million litres of Premium Motor Spirit daily would shift the country’s energy narrative 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 naira has recently strengthened, trading around ₦1,354 to the dollar at the official foreign exchange market and about ₦1,430–₦1,440 on the parallel market — its strongest levels in more than two years, according to market sources.
