Chairman of the Dangote Group, Aliko Dangote, has projected that the naira could strengthen to about N1,100 against the US dollar before the end of the year, expressing confidence in the impact of ongoing economic reforms.
Dangote spoke on Tuesday in Abuja at the unveiling of the Nigeria Industrial Policy, an event attended by Vice-President Kashim Shettima and other senior officials. According to Channels Television, he said recent policy measures by the federal government are already yielding visible gains, particularly for manufacturers.
“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.
Although the naira is currently trading around N1,300 to the dollar, Dangote maintained that tighter controls on imports could further boost the local currency.
“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.”
Beyond exchange rate projections, Dangote urged authorities to reinforce industrial policy with tangible support for domestic investors, including improved infrastructure and reliable electricity supply. He stressed that policy frameworks alone would not deliver industrialisation without adequate protection and incentives.
“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 comments come amid renewed investor interest in Nigerian equities.
A report by Bloomberg L.P. noted that Nigerian stocks recorded the world’s second-highest dollar returns in 2026, rising by 31 percent and recouping about $21 billion in value wiped out after the naira’s steep devaluation in 2024.
Market capitalisation on the Nigerian Exchange Group has climbed to approximately $84 billion, representing a 58 percent increase compared to levels before the currency’s sharp decline.
Meanwhile, billionaire investor Femi Otedola had earlier predicted that the naira could trade below N1,000 to the dollar before the close of 2026, attributing his optimism to the anticipated full-scale operations of the Dangote Petroleum Refinery.
He described the refinery’s 650,000 barrels-per-day capacity as “transformational for Nigeria and Africa,” noting that its potential to supply up to 75 million litres of Premium Motor Spirit daily would significantly reduce fuel imports and ease pressure on foreign exchange reserves.
“I am optimistic that the naira will strengthen meaningfully, and trading below N1,000/$1 before year-end is increasingly within reach,” Otedola had said.
At the official foreign exchange window, the naira recently traded around N1,354 to the dollar, while rates at the parallel market hovered between N1,430 and N1,440 — the currency’s firmest levels in over two years, according to market sources.
