By Ayomide Otitoju
Chairman of Dangote Group, Aliko Dangote, has projected a significant appreciation of the naira, stating that the currency could strengthen to as low as N1,100 to the dollar before the end of the year.
Dangote made the projection on Tuesday at the launch of Nigeria’s Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other senior government officials, according to Channels Television.
With the naira currently trading around N1,300 to the dollar, Dangote attributed his optimism to recent government reforms, which he said are already yielding positive results for manufacturers.
“Today, the dollar is about N1,340. With what I know, by blocking unnecessary importation, the currency this year could be as low as N1,100 if we are lucky,” he said.
He, however, described the situation as a “catch-22,” noting that while a stronger naira would reduce import costs and ease inflationary pressures, Nigeria’s import-dependent structure presents structural challenges. He stressed that the long-term solution lies in boosting domestic manufacturing to reduce reliance on foreign goods.
Dangote called for stronger protection for local investors through incentives and improved infrastructure, particularly in power supply, to drive industrialisation, job creation, and economic growth.
The remarks come amid renewed optimism in Nigeria’s financial markets. Bloomberg recently reported that Nigerian equities delivered the world’s second-best dollar returns in 2026, rising 31 percent and recovering $21 billion in market value lost after the naira’s sharp devaluation in 2024. Market capitalisation on the Lagos Exchange has climbed to approximately $84 billion, about 58 percent higher than pre-devaluation levels.
Separately, businessman Femi Otedola had earlier projected that the naira could trade below N1,000 to the dollar before the end of 2026, citing the expected full production capacity of 650,000 barrels per day at the Dangote Petroleum Refinery.
Otedola described the refinery’s projected output of up to 75 million litres of Premium Motor Spirit daily as transformational, saying it would reshape Nigeria’s energy landscape and conserve foreign exchange.
The naira has recently strengthened, trading around N1,354 at the official foreign exchange market and between N1,430 and N1,440 on the parallel market, its firmest levels in over two years, according to market sources.
