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Aliko Dangote has projected a sharp strengthening of the naira this year, saying the currency could trade at around N1,100 to the dollar if current economic reforms continue.
The billionaire chairman of the Dangote Group made the remarks in Abuja during the launch of Nigeria Industrial Policy, an event attended by Vice President Kashim Shettima and senior government officials.
Dangote said early results from government policy adjustments were already visible in the manufacturing sector. With the naira currently trading around N1,300 to the dollar at the official market, he expressed confidence that further improvement was possible.
He argued that efforts to curb import dependence and strengthen domestic production would ease pressure on foreign exchange demand. According to him, limiting unnecessary imports could help stabilise and potentially strengthen the currency.
Dangote said that if current trends continue, the naira could fall to N1,100 to the dollar this year. He noted that stronger domestic manufacturing would reduce demand for foreign currency used to pay for imported goods.
At the same time, he acknowledged the delicate balance policymakers face. A stronger currency would lower costs in an import driven economy, but it could also reduce government revenue in naira terms.
Dangote emphasised that long term stability depends on shifting Nigeria away from excessive import reliance toward industrial production. He called for stronger protection of local investors, including improved power supply and supportive infrastructure.
His comments come as Nigerian equities continue to rally. According to Bloomberg data, Nigerian stocks delivered one of the strongest dollar returns globally this year, rising 31 percent and recovering billions in market value lost after the naira devaluation in 2024.
Market capitalisation on the Lagos Exchange has climbed to roughly 84 billion dollars, significantly above levels recorded before the currency collapse.
The recent confidence from other corporate leaders matches Dangote's forecast. Femi Otedola has already said that the naira would trade for less than N1,000 per dollar by the end of the year. He said this was because of more refining capacity in Nigeria and fewer petroleum imports.
The Dangote Petroleum Refinery is already running at full capacity, processing 650,000 barrels of oil per day. It has been set up as a key part of the plan to lower the need for foreign currency that comes from fuel imports.
Recent trading data reveals that the naira is getting a little stronger. The official market rate is about N1,354 to the dollar, while the parallel market rate is between N1,430 and N1,440.
While currency volatility remains a concern, Dangote said continued reforms and stronger local production could help sustain momentum and stabilise Nigeria foreign exchange outlook.
