Aliko Dangote predicts the naira could reach N1,100 to the dollar in 2026, citing government reforms and industrial policy support

Aliko Dangote, Chairman of the Dangote Group, has projected a substantial strengthening of the naira, saying the currency could reach N1,100 to a dollar this year.

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Dangote made the statement on Tuesday during the launch of the Nigeria Industrial Policy in Abuja, in the presence of Vice President Kashim Shettima and other dignitaries.

Speaking on the currency’s trajectory, Dangote highlighted the impact of government reforms, noting that manufacturers are already beginning to see positive results.

“Today, the dollar is N1,340. 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 N1,100 if we are lucky,” he said.

He also cautioned about potential trade-offs, noting that a stronger naira could reduce import costs, benefiting consumers, but could limit government revenue derived from naira-denominated collections.

Dangote emphasised that Nigeria should focus on producing its own goods rather than relying heavily on imports.

The business magnate called for stronger protection for local investors, underlining the need for incentives and improved infrastructure.

“While the policy is in order, it must be backed with full protection for industrialists to drive the nation’s goal for industrialisation, job creation, and economic growth,” Dangote added.

The remarks come amid a strong performance in Nigerian equities.

Bloomberg reported that Nigerian stocks delivered the world’s second-best dollar returns in 2026, rising 31 per cent and regaining $21 billion in market value lost after the naira’s sharp devaluation in 2024.

Total market capitalisation on the Lagos Exchange now stands at approximately $84 billion, a 58 per cent increase from pre-devaluation levels.

Earlier, Femi Otedola also expressed optimism, forecasting that the naira could trade below N1,000 to the dollar by year-end, driven by the Dangote Petroleum Refinery reaching full production capacity of 650,000 barrels per day.

The refinery’s output, capable of supplying up to 75 million litres of Premium Motor Spirit daily, is expected to reduce import dependency and conserve foreign exchange.

Also read: Dangote Group Signs $400m Deal to Expand Refinery Capacity

The naira has already shown signs of strengthening, trading around N1,354 to the dollar in the official foreign exchange market and about N1,430-N1,440 on the parallel market, marking its strongest levels in over two years.