Dangote Predicts Naira Will Hit N1,000 to $1 This Year

The Chairman of the Dangote Group, Aliko Dangote, has predicted that the naira will strengthen significantly this year, projecting that the currency could trade at ₦1,000 to $1.

Dangote made the remarks while speaking at the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other top government officials.

Although the naira currently exchanges at around ₦1,300 to the dollar, Dangote expressed optimism that recent government reforms would yield positive results for the economy and manufacturers.

“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.

“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 stressed the need to protect local investors through incentives and improved infrastructure, particularly reliable power supply, which he described as a major challenge for businesses.

He said that while the industrial policy framework is sound, it must be supported with strong protection measures for industrialists to achieve industrialization, job creation and economic growth.

Last week, Chairman of First HoldCo, Femi Otedola, also projected that the naira would appreciate to ₦1,000/$1 before year-end, attributing the expected gains to increased local refinery capacity.

Speaking at the same event, Vice President Shettima highlighted the crucial role of the private sector in driving the Nigeria Industrial Policy, noting that Dangote Cement alone paid ₦900 billion in taxes in 2025. The policy is expected to boost value addition, strengthen industrial linkages and enhance export competitiveness.

Other dignitaries at the event included the Secretary to the Government of the Federation, George Akume, representatives of the Manufacturers Association of Nigeria, the United Nations, and industry leaders.