Aliko Dangote, Africa’s richest man and Chairman of the Dangote Group, has projected that the Nigerian naira could appreciate to as low as ₦1,100 per US dollar by the end of 2026.
Dangote made the forecast on Tuesday in Abuja during the launch of Nigeria’s Industrial Policy, an event attended by Vice President Kashim Shettima and other key stakeholders.
Expressing optimism about the economy, Dangote attributed the improving outlook to ongoing government reforms and growing confidence among manufacturers.
“Today, the dollar is N1,340. Mr Vice-President, I can assure you that, with what I know, by blocking all this importation, the currency this year will be as low as N1,100 if we are lucky,” Dangote said, according to reports by Channels Television and other outlets.
He noted that Nigeria’s heavy reliance on imports creates a complex dynamic, explaining that while a stronger naira could reduce costs in an import-dependent economy, the long-term solution lies in boosting domestic production.
“What we should be doing is manufacturing all the things that we need,” he added.
Dangote also called for stronger protections for local industrialists, including improved incentives and reliable infrastructure particularly stable power supply to drive industrialization, create jobs, and sustain economic growth.
“While the policy is in order, it must be backed with full protection for industrialists,” he stressed.
According to PM News, his remarks align with recent positive trends in the foreign exchange market. As of mid-February 2026, the naira trades around ₦1,345–₦1,355 in the official window (NAFEM/NFEM) and ₦1,420–₦1,440 on the parallel market—its strongest levels in more than two years amid stabilization efforts by the Central Bank of Nigeria.
The bullish outlook mirrors sentiments expressed by billionaire Femi Otedola, who previously suggested the naira could trade below ₦1,000 per dollar before year-end, driven by the full operational ramp-up of the Dangote Petroleum Refinery.
The refinery has reportedly reached its nameplate capacity of 650,000 barrels per day, with the ability to produce up to 75 million litres of Premium Motor Spirit (petrol) daily. The development is widely regarded as transformative, potentially reducing fuel imports, conserving foreign exchange, and reshaping Nigeria’s energy landscape.
Supporting broader confidence in economic recovery, Bloomberg reports that Nigeria’s benchmark stock index has delivered the world’s second-best dollar returns so far in 2026, rising 31 percent and recovering $21 billion in market value lost during the 2024 naira devaluation. Total market capitalization on the Nigerian Exchange Group now stands at approximately $84 billion—about 58 percent above pre-collapse levels.
