Dangote predicts Naira could strengthen to N1,100/$ in 2026

Chairman of the Dangote Group, Aliko Dangote, has projected a significant appreciation of the naira, saying the currency could strengthen to about N1,100 to the dollar this year if current government reforms continue.

Dangote made the remarks on Tuesday during the launch of the Nigeria Industrial Policy in Abuja, attended by Vice President Kashim Shettima and other dignitaries, according to Channels Television.

Although the naira currently trades around N1,300–N1,340 to the dollar, Dangote said policy measures aimed at curbing import dependence are beginning to yield positive results for manufacturers.

> “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 said.

He described the situation as a “catch-22,” noting that while a stronger naira would reduce import costs and overall prices, Nigeria’s heavy reliance on imports remains a structural weakness. He stressed the need to prioritise domestic manufacturing to reduce pressure on foreign exchange.

Dangote also called for stronger government support for local investors through improved infrastructure and targeted incentives, highlighting electricity supply as a major challenge affecting industrial productivity.

Otedola Sees Even Stronger Naira

Separately, businessman Femi Otedola expressed optimism that the naira could trade below N1,000 to the dollar before the end of 2026. He linked this outlook to the Dangote Petroleum Refinery reaching its full production capacity of 650,000 barrels per day.

Otedola described the refinery’s operations as “transformational,” noting its capacity to supply up to 75 million litres of Premium Motor Spirit daily, a development he said would significantly reduce fuel imports and conserve foreign exchange.

Both business leaders’ projections reflect growing confidence in industrial and energy-sector reforms, though currency performance will ultimately depend on broader macroeconomic stability, foreign exchange supply, and sustained policy implementation.