Aliko Dangote, Chairman of the Dangote Group, has projected a significant strengthening of the naira, suggesting it could reach N1,100 to $1 this year.
Speaking at the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other dignitaries, Dangote highlighted government reforms and import restrictions as key drivers of potential currency appreciation.
He explained:
“Today, the dollar is N1,340. With what I know, by blocking all this importation, the currency this year could be as low as N1,100 if we are lucky… 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 emphasized the importance of supporting local investors through incentives, reliable infrastructure, and improved power supply to drive industrialisation, job creation, and economic growth.
The remarks come amid strong performance in Nigerian equities, which Bloomberg reported as delivering the world’s second-best dollar returns in 2026, with market capitalization recovering to about $84 billion.
Other industry leaders, such as Femi Otedola, have projected even more aggressive currency gains, anticipating the naira could trade below N1,000 per dollar later in 2026 following the Dangote Petroleum Refinery reaching full capacity.
Currently, the naira trades around ₦1,354/$1 officially and ₦1,430–₦1,440 on the parallel market — its strongest levels in more than two years.
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