The Chairman of the Dangote Group, Aliko Dangote, has projected further appreciation of Nigeria’s currency, saying the naira could strengthen to about ₦1,000 to the dollar in 2026.
Dangote projected on Tuesday while speaking at the launch of the industrial policy in Abuja, noting that ongoing government reforms were already yielding positive results for manufacturers.
With the naira currently trading around ₦1,300 to the dollar, he expressed optimism that policy interventions could push the rate as low as ₦1,100 within the year, while acknowledging the complexities of exchange-rate management.
According to him, a stronger naira would lower costs in an import-dependent economy but also present a “catch-22” for government revenue considerations. He stressed that Nigeria should focus on expanding domestic manufacturing capacity rather than relying heavily on imports.
Dangote also called for targeted protection and incentives for local investors, particularly in addressing structural challenges such as inadequate power supply, which he described as a major constraint on industrial productivity. He said the success of the policy would depend on practical backing through infrastructure support and investor protection to drive industrialisation, employment, and growth.
His remarks align with recent comments by Femi Otedola, Chairman of First HoldCo, who also forecast a stronger naira approaching ₦1,000/$1 before year-end, citing increased local refining capacity.
Speaking at the event, Vice President Kashim Shettima underscored the private sector’s central role in executing the policy, noting that Dangote Cement alone paid about ₦900 billion in taxes in 2025.
The policy framework is expected to deepen value addition, strengthen industrial linkages, and boost export competitiveness across Nigeria.
Other attendees included Secretary to the Government of the Federation George Akume, representatives of the Manufacturers Association of Nigeria, the United Nations, and industry stakeholders.
