Aliko Dangote, chairman of the Dangote Group, has predicted a significant strengthening of the naira, saying the currency could reach 1,100 to a dollar this year. Dangote made the comments on Tuesday during the launch of Nigeria’s Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other top officials. He attributed the potential appreciation to recent government reforms, which he said are already benefiting manufacturers. “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. Noting that the naira currently trades around 1,340 to the dollar, he added that efforts to curb importation could push the currency down to 1,100, provided the measures are maintained. He also pointed out a catch-22, saying a stronger naira would reduce prices for imported goods but could lower government revenue: “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 urged stronger protections for local investors through incentives and improved infrastructure, highlighting 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. His remarks come as Nigerian equities continue to perform strongly. Bloomberg recently reported that Nigerian stocks delivered the world’s second-best dollar returns in 2026, rising 31 percent and regaining 21 billion dollars in market value lost after the naira’s sharp devaluation in 2024. Total market capitalization on the Lagos Exchange now stands at around 84 billion dollars, roughly 58 percent higher than before the devaluation. Businessman Femi Otedola has also expressed optimism, predicting the naira could trade below 1,000 to the dollar before the end of 2026. He cited the Dangote Petroleum Refinery’s full production capacity of 650,000 barrels per day as a game-changer, noting it could supply up to 75 million litres of Premium Motor Spirit daily, boosting local supply and conserving foreign exchange. The naira has recently strengthened, trading at around 1,354 to the dollar on the official market and about 1,430–1,440 on the parallel market, its strongest levels in more than two years.
