Africa’s richest man, Aliko Dangote, says the naira could appreciate to around ₦1,100 to the US dollar before the end of 2026 if current government policies and import controls are sustained. He spoke in Abuja during the launch of the Nigeria Industrial Policy, attended by Vice President Kashim Shettima and top private sector leaders.
Dangote noted that although the naira is currently trading around ₦1,300–₦1,340 on the official market, recent reforms are already easing pressure on the currency. He argued that blocking “reckless” imports that can be produced locally, alongside tighter foreign exchange management, will help further strengthen the naira.
“I can assure you that, with what I know, by blocking all this importation, the currency this year will be as low as ₦1,100 if we are lucky,” he said, while suggesting government might even need to slow the naira’s rise to protect its revenue in local currency terms. He added that manufacturers are “very happy” with the direction of policy and are beginning to see positive results.
His comments echo recent optimism from billionaire investor Femi Otedola, who predicted that the naira could trade below ₦1,000/$1 once the Dangote Petroleum Refinery hits and sustains full 650,000 barrels per day capacity. Otedola believes large scale domestic refining will sharply cut fuel import bills and reduce demand for dollars.
Dangote stressed that industrialists still need strong protection and policy consistency if they are to expand factories, create jobs and grow non oil exports. He urged the government to back the new industrial policy with firm support for local producers, saying this is the surest path to a stronger naira and a more resilient economy.
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