By Peter Omopo
Africa’s richest man and Chairman of the , , has projected that the naira could appreciate to N1,100 against the United States dollar before the end of 2026.
Dangote made the projection while speaking at the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President and other dignitaries.
According to him, ongoing government reforms and stronger protection for local industries are key factors that could drive economic growth and strengthen the national currency. He noted that manufacturers are beginning to see the positive impact of recent policy measures.
“At N1,340 to the dollar today, I can assure you that with what I know, by blocking unnecessary importation, the currency this year could be as low as N1,100 if we are lucky,” Dangote said.
He, however, described the situation as a “catch-22,” explaining that while a stronger naira would reduce the cost of imports and goods, Nigeria’s heavy reliance on imports remains a structural challenge.
“What we should be doing is manufacturing all the things that we need,” he added, stressing the importance of boosting domestic production.
Dangote also underscored the need to address persistent power sector challenges, noting that stable electricity supply is critical to achieving meaningful industrialisation. He said industrial policies must be backed by full protection and support for manufacturers to drive job creation and sustainable economic growth.
His remarks come days after Chairman of , , predicted that the naira could trade below N1,000 to the dollar once the reaches its full production capacity of 650,000 barrels per day.
Otedola, in a post on X, described the refinery’s projected output of up to 75 million litres of petroleum products daily as transformational for Nigeria and Africa, arguing that it would significantly boost foreign exchange earnings and reshape the country’s energy landscape.
