Chairman of the Dangote Group, Aliko Dangote, has projected a significant appreciation of the naira, stating that the currency could strengthen to ₦1,100 against the US dollar in 2026 if current government policies are sustained.
Dangote made the projection on Tuesday during the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other top government officials.
The naira currently trades around ₦1,300 to the dollar in the official market, but Dangote expressed optimism that ongoing reforms would further boost the currency.
“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.
Dangote added that efforts to curb importation and promote local production could push the exchange rate lower.
“Today, the dollar is about ₦1,340. I can assure you that, with what I know, by blocking all this importation, the currency this year will be as low as ₦1,100 if we are lucky,” he stated.
He, however, described the situation as a “catch-22,” noting that while a stronger naira would reduce the cost of goods in an import-dependent economy, it could also affect government revenue in naira terms.
According to Dangote, Nigeria must shift from heavy reliance on imports to domestic manufacturing to achieve sustainable economic growth. He called for stronger protection for local investors through incentives, improved infrastructure, and stable power supply to drive industrialisation and job creation.
The remarks come amid renewed investor confidence in Nigeria’s financial markets. Bloomberg recently reported that Nigerian equities posted the world’s second-best dollar returns in 2026, rising 31 percent and recovering an estimated $21 billion in market value lost after the naira’s sharp devaluation in 2024. Market capitalisation on the Lagos Exchange has climbed to about $84 billion, roughly 58 percent higher than pre-devaluation levels.
Similarly, billionaire businessman Femi Otedola previously projected that the naira could trade below ₦1,000 to the dollar before the end of 2026, citing the impact of the Dangote Petroleum Refinery reaching its full production capacity of 650,000 barrels per day.
Otedola described the refinery’s output as transformational, noting that its capacity to supply up to 75 million litres of Premium Motor Spirit daily would conserve foreign exchange and reshape Nigeria’s energy landscape.
The naira has recently recorded modest gains, trading around ₦1,354 at the official foreign exchange market and between ₦1,430 and ₦1,440 on the parallel market — its strongest levels in more than two years, according to market sources.
