Aliko Dangote, Chairman of the Dangote Group, has forecast a notable strengthening of the naira, suggesting the currency could reach ₦1,100 to the US dollar within 2026.
Dangote made the prediction on Tuesday during the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other government and business leaders.
Noting that the naira currently trades around ₦1,300 to a dollar, Dangote highlighted government reforms as a key factor for potential appreciation.
“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 said.
He further 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 also called for stronger support for local investors, including incentives and infrastructure improvements, while identifying inconsistent power supply as a persistent challenge.
“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.
About the Author
