Naira Could Hit N1,100/$ In 2026, Dangote Predicts

Aliko Dangote, Africa’s richest man and Chairman of the Dangote Group, has predicted a significant strengthening of the naira, projecting that the currency could reach N1,100 per dollar by the end of the year. Dangote stated this while speaking during the launch of the Nigeria Industrial Polic...

Dangote stated this while speaking during the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other dignitaries.

Dangote explained that the government reforms and stronger protection for local industries are critical to boosting the economy.

The billionaire’s statement came days after Femi Otedola, Chairman of First Bank of Nigeria also projected naira to hit N1,000/$ after Dangote Refinery hits its full production capacity of 650,000 barrels per day.

He said, “I mean, today, if you look at it, Your Excellency, I believe with the policies that you have implemented in government, people now have started seeing the result, and manufacturers are very, very happy.

He added, “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.

“The only thing is for, maybe, the government to stop the naira from getting stronger so that they will keep collecting more naira.

“But it’s a catch-22 situation where, now, if the naira gets stronger, it means that everything will go down. Everything will go down because we are an import-based country, which we shouldn’t be. What we should be doing is manufacturing all the things that we need.”

Dangote further highlighted the importance of restructuring the power sector, as inconsistent supply has posed a persistent challenge to manufacturing.

“While the policy is in order, it must be backed with full protection for industrialists to drive the nation’s goal for industrialisation, job creation, and economic growth,” he explained.

TVC News previously reported that Billionaire businessman, Femi Otedola, has expressed that the naira could trade below ₦1,000 to the US dollar before the end of 2026 after the Dangote Petroleum Refinery reaches its full production capacity of 650,000 barrels per day.

Otedola shared this in a Thursday post on X while congratulating his friend and fellow businessman, Aliko Dangote, on the latest achievement.

Otedola argued that the recent development is transformational to Nigeria and Africa at large, emphasising that supplying up to 75 million litres of petroleum products daily will change the energy narrative and boost foreign exchange.