Nigerian billionaire Aliko Dangote said Tuesday that the naira could strengthen to 1,100 per U.S. dollar this year, citing government reforms and a push for local manufacturing.
Dangote, chairman of the Dangote Group, made the remarks at the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other officials. The naira currently trades around 1,300 to the dollar.
“I can assure you that, with what I know, by blocking all this importation, the currency this year will be as low as 1,100 if we are lucky,” Dangote said. He added that a stronger naira would lower prices but noted the challenge of Nigeria’s import-dependent economy.
Dangote also called for stronger protection for local investors through incentives and infrastructure support, highlighting persistent power supply issues as a key obstacle to industrial growth.
“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 said.
The comments come as Nigerian equities continue to perform strongly. Bloomberg reported that Nigerian stocks delivered the world’s second-best dollar returns in 2026, climbing 31% and recovering $21 billion in market value lost after the naira’s sharp devaluation in 2024. Total market capitalization on the Lagos Exchange now stands at about $84 billion, roughly 58% higher than before the 2024 currency collapse.
Dangote’s prediction follows a similar forecast by billionaire Femi Otedola, who said the naira could trade below 1,000 per dollar by the end of 2026, citing the Dangote Petroleum Refinery’s expected full production of 650,000 barrels per day. Otedola said the refinery, capable of supplying up to 75 million litres of Premium Motor Spirit daily, would reduce Nigeria’s reliance on imports and conserve foreign exchange.
The naira has recently strengthened, trading around 1,354 to the dollar at the official market and 1,430–1,440 on the parallel market, its strongest levels in more than two years, according to market sources.
