Naira set to hit ₦1,100 to Dollar before 2026 ends ~ Dangote
Dangote demanded a shift toward domestic manufacturing to produce essentials locally.
Aliko Dangote, Africa’s richest man and chairman of the Dangote Group, has forecasted a notable appreciation in the Nigerian naira, predicting it could strengthen to as low as ₦1,100 per US dollar by the end of 2026.
Dangote made the optimistic projection on Tuesday during the launch of Nigeria’s Industrial Policy in Abuja, an event graced by Vice President Kashim Shettima and other key figures.
Speaking at the occasion, he credited ongoing government reforms for the positive momentum, noting that manufacturers are increasingly optimistic about the economic outlook.
“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 from Channels TV and other outlets.
He emphasized that Nigeria’s heavy reliance on imports creates a challenging dynamic: a stronger naira could lower costs across the board in an import-dependent economy, but he urged a shift toward domestic manufacturing to produce essentials locally.
“What we should be doing is manufacturing all the things that we need,” he added.
Dangote also advocated for enhanced protections for local industrialists, including better incentives and infrastructure improvements, particularly reliable power supply, to accelerate industrialization, job creation, and sustained economic growth.
“While the policy is in order, it must be backed with full protection for industrialists,” he stressed.
The remarks aligned with recent positive trends in the forex 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—marking some of its strongest levels in over two years amid ongoing stabilization efforts by the Central Bank of Nigeria.
This bullish outlook echoes sentiments from 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 facility has now achieved its nameplate capacity of 650,000 barrels per day, enabling production of up to 75 million litres of Premium Motor Spirit (petrol) daily, a development described as transformative for reducing fuel imports, conserving foreign exchange, and reshaping Nigeria’s energy landscape.
Supporting the confidence in economic recovery, Nigerian equities have posted impressive gains. Bloomberg reports that the benchmark index delivered the world’s second-best dollar returns in 2026 so far, surging 31% and recovering $21 billion in lost market value from the 2024 naira devaluation. Total market capitalization on the Nigerian Exchange now stands at approximately $84 billion—about 58% above pre-collapse levels.
