Dangote Predicts Naira Could Strengthen to N1,100 per Dollar in 2026

By Emmanuel Kwada

Aliko Dangote, Africa’s richest man and chairman of the Dangote Group, has forecasted a significant appreciation of the Nigerian naira, predicting it could reach as low as N1,100 to the US dollar by the end of 2026.

Dangote made the optimistic statement on Tuesday during the official launch of the National Industrial Policy 2025 by the federal government in Abuja. The policy, unveiled by Vice President Kashim Shettima on behalf of President Bola Tinubu, aims to boost domestic production, reduce reliance on imports, and drive industrial growth.

Speaking at the event, Dangote praised the government’s recent economic reforms, noting that manufacturers are already seeing positive results. He pointed to the current exchange rate—around N1,340 per dollar in the official market—and expressed confidence that curbing unnecessary imports would further strengthen the naira.

“Today, the dollar is N1,340. Mr. Vice-President, I can assure you with what I know, blocking all this importation… naira this year will be as low as N1,100 if we are lucky,” Dangote said.

He emphasized Nigeria’s industrial potential and the benefits of shifting from an import-dependent economy to one focused on local manufacturing.

According to Dangote, a stronger naira would lower costs for imported goods but urged sustained efforts to produce essentials domestically to avoid a “catch-22” situation where appreciation hurts local industries.

The naira’s recent performance supports some optimism. As of Tuesday, it traded at approximately N1,335–N1,345 per dollar in the official Nigerian Autonomous Foreign Exchange Market (NAFEM), with parallel market rates around N1,380. This marks gains compared to previous months.

Dangote’s prediction aligns with similar views from other business leaders. Billionaire Femi Otedola recently suggested the naira could trade below N1,000 to the dollar by year-end, driven by full operations at the Dangote Petroleum Refinery and increased domestic refining capacity.

The National Industrial Policy 2025 is seen as a key step toward these goals, focusing on job creation, export growth, and building a more self-reliant economy.

Experts and analysts will watch closely to see if ongoing reforms, including import restrictions and industrial investments, deliver the projected currency strength amid global economic pressures.