Aliko Dangote, head of the Dangote Group, has expressed optimism about Nigeria’s currency outlook, projecting the naira could strengthen to ₦1,100 against the dollar within the year.
Speaking at Tuesday’s Nigeria Industrial Policy launch in Abuja—where Vice President Kashim Shettima and other officials were present—Dangote attributed the potential gains to ongoing government policy changes, as reported by Channels TV.
With the naira currently hovering around ₦1,300 per dollar, Dangote praised recent reforms and their positive impact on the manufacturing sector.
“Your Excellency, the policies your government has put in place are beginning to show results, and manufacturers are pleased with the progress,” he stated.
Dangote elaborated: “Right now, the dollar stands at ₦1,340. Mr. Vice-President, based on what I understand, reducing imports could bring the exchange rate down to ₦1,100 this year if circumstances favor us.
“The government might be tempted to prevent the naira from gaining too much strength to maintain higher naira revenue collection. However, this presents a dilemma—a stronger naira would lower costs across the board since we rely heavily on imports. Ideally, we should transition to producing what we consume domestically.”
The business magnate emphasized the need for enhanced support for domestic investors through policy incentives and better infrastructure, pointing to electricity supply as an ongoing obstacle.
“This policy framework is sound, but it requires robust backing for industrialists to achieve our ambitions of industrial growth, employment generation, and economic expansion,” Dangote noted.
His comments coincide with impressive performance in Nigeria’s equity markets.
According to Bloomberg, Nigerian stocks ranked as the globe’s second-highest performer in dollar terms during 2026, surging 31% and reclaiming $21 billion in value eroded by the 2024 naira devaluation.
The Lagos Exchange’s total market value now exceeds $84 billion—approximately 58% above pre-devaluation levels.
Fellow business leader Otedola previously suggested the naira might trade under ₦1,000 per dollar by year-end 2026, once the Dangote Petroleum Refinery operates at maximum capacity of 650,000 barrels daily.
Otedola characterized the refinery’s production capabilities as “game-changing for Nigeria and the continent,” noting its capacity to deliver 75 million litres of Premium Motor Spirit each day would revolutionize the nation’s energy sector while preserving foreign currency reserves.
“I’m confident the naira will gain substantial ground, with exchange rates below ₦1,000 per dollar becoming a realistic prospect before the year closes,” Otedola remarked.
Recent trading shows the naira has gained momentum, exchanging at approximately ₦1,354 per dollar in the official market and ₦1,430–₦1,440 in the parallel market—marking its best performance in over two years, market observers report.
