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Nigerian billionaire investor Femi Otedola says the naira could strengthen to below N1,000 per dollar before the end of the year, pointing to the full operational capacity of the Dangote Petroleum Refinery as a major economic turning point. He described the development as a transformative shift capable of easing pressure on Nigeria’s foreign exchange market and reducing reliance on imported fuel.
In a message shared on social media, Otedola said domestic refining at scale would significantly cut the country’s fuel import bill, freeing up foreign currency and improving exchange rate stability.
Otedola congratulated Aliko Dangote, founder of the Dangote Group, for what he called a landmark achievement not just for Nigeria but for the African continent. According to him, the refinery’s successful ramp-up signals a new phase of industrial capacity and economic self-reliance.
He noted that after decades of dependence on imported petroleum products, Nigeria now has a realistic opportunity to stabilize its currency through local production and reduced forex demand.
The refinery recently achieved full nameplate capacity of 650,000 barrels per day after completing maintenance and optimization work on its crude distillation and motor spirit production units. The plant then conducted a 72-hour performance test in collaboration with technology licensor UOP to verify efficiency, equipment integrity, and operational safety.
Chief executive David Bird said the successful ramp-up demonstrates the facility’s engineering strength and confirms it is capable of delivering consistent, world-class output under real operating conditions.
Output levels could reshape fuel market
At full capacity, the refinery can supply up to 75 million litres of petrol daily, alongside diesel and aviation fuel. Such volumes are expected to meet domestic demand comfortably and potentially create export opportunities. During the recent festive period, it already delivered between 45 million and 50 million litres of petrol per day to the Nigerian market.
Analysts say sustained production at these levels could significantly reduce fuel imports, strengthen energy security, and support macroeconomic stability, a scenario that aligns with Otedola’s projection of a stronger naira.
As one of Nigeria’s most influential investors, Otedola’s economic outlook carries weight in financial and business circles. His forecast reflects growing confidence among industry leaders that large-scale industrial projects can reshape the country’s economic fundamentals, particularly in foreign exchange management and energy independence.
