Aliko Dangote, Chairman of the Dangote Group, has predicted a significant strengthening of the naira, suggesting that the currency could reach N1,100 to a dollar this year.
Speaking during the launch of the Nigeria Industrial Policy in Abuja on Tuesday, an event attended by Vice President Kashim Shettima and other dignitaries, Dangote said current government reforms signal a positive outlook for manufacturers and the economy.
He noted that the naira currently trades around N1,300 to a dollar but could strengthen further if importation is controlled and local production increased. Dangote explained that a stronger naira would reduce costs in an import-dependent economy and stressed the importance of boosting local manufacturing.
Dangote also highlighted the need for stronger protection for local investors, including incentives and improved infrastructure, noting that consistent power supply remains a major challenge. He emphasized that policy implementation must be backed by measures to safeguard industrialists to achieve goals such as job creation, economic growth, and industrialisation.
The remarks come as Nigerian equities continue to perform well. Bloomberg recently reported that Nigerian stocks delivered the world’s second-best dollar returns in 2026, climbing 31% and regaining $21 billion in market value lost after the naira’s sharp devaluation in 2024. Total market capitalisation on the Lagos Exchange now stands at approximately $84 billion, about 58% higher than before the naira’s collapse.
Dangote’s prediction aligns with earlier remarks by Femi Otedola, who forecast that the naira could trade below N1,000 to the dollar by the end of 2026 following full production at the Dangote Petroleum Refinery. Otedola described the refinery’s output as transformational for Nigeria, capable of supplying up to 75 million litres of Premium Motor Spirit daily and conserving foreign exchange.
The naira has recently strengthened, trading around N1,354 to the dollar at the official market and about N1,430–N1,440 on the parallel market, its strongest levels in over two years.
