President of Dangote Group, Aliko Dangote, has projected that Nigeria’s currency could appreciate to about ₦1,100 per dollar in 2026, citing the impact of ongoing economic reforms.
Dangote made the forecast Tuesday in Abuja during the launch of the Nigeria Industrial Policy, attended by Vice President Kashim Shettima and other dignitaries.
With the naira currently trading around ₦1,300 to the dollar, Dangote said government policies are beginning to yield positive outcomes, particularly for manufacturers. He noted that industry players are encouraged by recent reforms and expect further gains if import dependence is reduced.
He added that, based on his assessment, curbing excessive importation could push the currency toward ₦1,100 per dollar if favourable conditions persist. However, he described the situation as a “catch-22,” explaining that while a stronger naira would reduce costs of goods in an import-reliant economy, Nigeria ultimately needs to boost domestic manufacturing rather than rely heavily on foreign products.
Dangote also urged authorities to strengthen support for local investors through incentives, improved infrastructure, and more reliable electricity supply, which he identified as a continuing challenge.
Earlier, businessman Femi Otedola had similarly predicted the naira could trade below ₦1,000 per dollar before the end of 2026, citing expected gains from the Dangote Petroleum Refinery reaching full production capacity of 650,000 barrels per day. He described the refinery as transformational for Nigeria and Africa, noting its potential to produce up to 75 million litres of petrol daily, a development he said could reshape the country’s energy outlook and conserve foreign exchange.
ELIJAH ADEYEMI
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