By Ayo Kehinde
Chairman of the Dangote Group, Aliko Dangote, on Tuesday projected a significant strengthening of the naira, suggesting the currency could reach N1,100 to a dollar this year.
Dangote, who made the remarks during the launch of the Nigeria Industrial Policy in Abuja, also called for stronger protection and incentives for local investors to drive industrial growth.
Highlighting the impact of recent economic reforms at the event attended by Vice President Kashim Shettima and other government and business leaders, Dangote said, “I believe with the policies that you have implemented in government, people now have started seeing the result, and manufacturers are very, very happy.
“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.”
He cautioned, however, that a stronger naira could lead to lower prices in an import-dependent economy, saying, “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.”
Dangote further urged the government to provide incentives and improve infrastructure, particularly power supply, to encourage local production and investment.
His forecast follows a similar optimistic outlook by billionaire Femi Otedola, who earlier predicted that the naira could trade below N1,000 to the US dollar before the end of 2026.
Otedola cited the Dangote Petroleum Refinery reaching its full capacity of 650,000 barrels per day, describing its output as “transformational for Nigeria and Africa.”
Otedola explained that the refinery’s ability to supply up to 75 million litres of Premium Motor Spirit daily would significantly conserve foreign exchange and strengthen the naira.
“I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” he said.
