The Chairman of the Dangote Group, Aliko Dangote, has predicted that the naira will strengthen to ₦1,000 to $1 before the end of the year.
Dangote made this statement on Tuesday while speaking at the launch of the Nigeria Industrial Policy in Abuja.
Although the naira currently trades at around ₦1,300 to the dollar, Dangote said the Federal Government’s reforms signal better days ahead.
“I mean, today, if you look at it, Your Excellency, I believe with the policies that you have implemented in government, people have started seeing the results, and manufacturers are very, very happy,” he said at the event, which was attended by Vice President Kashim Shettima and other dignitaries.
“Today, the dollar is ₦1,340. 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 ₦1,100 if we are lucky. The only thing is for the government to maybe stop the naira from getting stronger so that they will keep collecting more naira.
“But it’s a catch-22 situation because 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 called for the protection of local investors through the provision of incentives and infrastructure, particularly stable power supply, which he described as a major challenge to doing business in Nigeria.
According to him, while the policy framework is sound, it must be backed by full protection for industrialists to drive the nation’s goals of industrialisation, job creation, and economic growth.
Last week, the Chairman of First HoldCo, Femi Otedola, also predicted that the naira would strengthen against the dollar and trade at ₦1,000/$1 before the end of the year, citing increased local refinery capacity in Nigeria.
At the event, Shettima described the private sector as key to achieving the objectives of the Nigeria Industrial Policy.
The Vice President also disclosed that Dangote Cement alone paid ₦900 billion in taxes in 2025.
The Nigeria Industrial Policy is expected to catalyse value addition, strengthen industrial linkages, and boost export competitiveness.
Other attendees at the event included the Secretary to the Government of the Federation, George Akume; representatives of the Manufacturers Association of Nigeria; officials from the United Nations; and captains of industry.
