Aliko Dangote, Chairman of the Dangote Group, has forecast a significant strengthening of the naira, suggesting the currency could reach ₦1,100 to the dollar this year.
Dangote made the remarks on Tuesday during the launch of Nigeria’s Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other dignitaries, according to Channels TV.
While the naira currently trades around ₦1,300 to the dollar, Dangote said recent government reforms indicate better days 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,” 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… 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.
His remarks come amid strong performance in Nigerian stocks. 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 capitalization on the Lagos Exchange now stands at about $84 billion, roughly 58% higher than before the currency’s collapse.
Meanwhile, billionaire businessman Femi Otedola had previously predicted 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 for Nigeria and Africa,” noting 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,” he 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.
