Billionaire investor Femi Otedola has projected that the Nigerian naira could appreciate to below ₦1,000 per dollar before the end of the year, pointing to the economic impact of the Dangote Petroleum Refinery.
Otedola shared the outlook in a post on his X platform while congratulating Aliko Dangote, President of Dangote Group, on the refinery’s achievement of full production capacity of 650,000 barrels per day.
He described the development as a turning point for Nigeria and the wider African energy sector, noting that the facility’s ability to supply up to 75 million litres of Premium Motor Spirit (PMS) daily represents a major shift in the nation’s fuel supply dynamics.
According to Otedola, the commencement of large-scale domestic refining after decades of dependence on fuel imports is expected to significantly reduce pressure on Nigeria’s foreign exchange market.
“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly. I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” he said.
He also disclosed that Dangote has launched a $12 billion expansion project designed to increase the refinery’s processing capacity to 1.4 million barrels per day. The expansion will include production of 2.4 million tonnes of polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene, key raw materials used in manufacturing detergents and other industrial products.
Otedola described the refinery milestone as a landmark achievement for Nigeria’s economic growth, praising Dangote for what he termed a historic contribution to national development.
Elijah Adeyemi
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