Dangote: Naira could appreciate to N1,100/$ in 2026 if excessive importation remains blocked

Aliko Dangote, chairman of the Dangote Group, has projected that the Naira could appreciate to N1,100 against the US Dollar this year, citing the impact of recent government policies and reduced import dependence.

Dangote remarked on Tuesday during the launch of the National Industrial Policy 2025 by the Federal Government.

The Naira has recorded gains in recent weeks, trading at N1,335.95 per dollar at the official market and about N1,380/$ at the parallel market on Tuesday.

Speaking at the event, the billionaire industrialist expressed optimism about the direction of the economy, noting that manufacturers are beginning to see positive outcomes from current reforms.

“People have started seeing the results of the policies implemented by the government, and manufacturers are very happy,” Dangote said.

He added that with stricter controls on importation and sustained policy measures, the naira could strengthen further. “Today, the dollar is about N1,340. With what I know, if we continue blocking excessive importation, the naira could fall to as low as N1,100 this year, if we are lucky,” he said.

Dangote, however, acknowledged the complexities involved in currency appreciation for an import-dependent economy. He described the situation as a “catch-22,” explaining that a stronger naira would reduce the cost of goods but also affect government revenue.

“If the naira gets stronger, it means prices will go down because we are an import-based country — which we shouldn’t be. What we should be doing is manufacturing what we need locally,” he said.

Earlier in February, Femi Otedola, chairman of First HoldCo, also expressed confidence in the naira’s outlook. Otedola said he expects the currency to trade below N1,000 per dollar before the end of the year as domestic refining capacity expands.

Both business leaders linked their optimism to ongoing economic reforms and efforts to boost local production.