By Abiola Olawale
Africa’s richest man and President of the Dangote Group, Aliko Dangote, has predicted that the Naira will strengthen significantly to trade at ₦1,100 to $1 within the year, with the potential to reach ₦1,000 by the end of 2026.
Speaking at the launch of the National Industrial Policy 2025 in Abuja, Dangote linked the currency’s recovery to aggressive industrialization, tighter import controls, and the full operational capacity of the Dangote Petroleum Refinery.
Dangote emphasized that the Federal Government’s “Naira-for-Crude” initiative—whereby the refinery purchases crude oil in local currency—is the primary catalyst for this shift.
While the naira currently trades around ₦1,300 to a dollar, Dangote said government reforms signal better days ahead.
“I mean, 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,” he said.
He added, “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.
“The only thing is for, maybe, the government to stop the naira from getting stronger so that they will keep collecting more naira.
“But 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 also called for stronger protection for local investors through incentives and 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.
The remarks come as Nigerian stocks continue to perform strongly.
Bloomberg reported that Nigerian equities delivered the world’s second-best dollar returns in 2026, climbing 31% and recovering $21 billion in market value lost after the naira’s sharp devaluation in 2024.
Total market capitalisation on the Lagos Exchange now stands at about $84 billion, roughly 58% higher than before the naira’s collapse.
Otedola had previously predicted that the naira could trade below ₦1,000 to the US dollar before the end of 2026, following the Dangote Petroleum Refinery reaching its full production capacity of 650,000 barrels per day.
He described the refinery’s output as “transformational for Nigeria and Africa” and said its ability to supply up to 75 million litres of Premium Motor Spirit daily would shift the country’s energy narrative and conserve foreign exchange.
“I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola had said.
