Aliko Dangote has forecast a sharp strengthening of the naira, suggesting the currency could hit ₦1,100 to the dollar this year.
Speaking on Tuesday at the launch of Nigeria’s Industrial Policy in Abuja — an event attended by Vice President Kashim Shettima and other dignitaries — Dangote highlighted government reforms as a key driver for the potential gains.
“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,” Dangote said.
He noted that while the naira currently trades around ₦1,340 to the dollar, the government’s measures to restrict importation could push the currency to as low as ₦1,100, provided the trend continues.
“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,” he added.
Dangote also emphasized the need for stronger protections for local investors, including incentives and improved infrastructure, pointing out 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 amid strong performance in Nigerian equities. Bloomberg recently reported that Nigerian stocks delivered the world’s second-best dollar returns in 2026, rising 31% and recovering $21 billion in market value lost after the naira’s steep devaluation in 2024. Total market capitalization on the Lagos Exchange now stands at about $84 billion, roughly 58% higher than pre-devaluation levels.
Meanwhile, businessman Femi Otedola has predicted that the naira could trade below ₦1,000 to the dollar before the end of 2026, citing the Dangote Petroleum Refinery reaching its full capacity of 650,000 barrels per day as transformational for Nigeria’s energy sector. He noted the refinery’s ability to supply up to 75 million litres of Premium Motor Spirit daily would boost local supply and conserve foreign exchange.
The naira has recently strengthened, trading around ₦1,354 to the dollar officially and about ₦1,430–₦1,440 on the parallel market — its highest levels in over two years, according to market sources.
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