Naira will appreciate to N1,100/$ this year – Dangote

Aliko Dangote, chairman of the Dangote Group, has predicted that the naira will strengthen to N1,100 per dollar in 2026.

Dangote spoke on Tuesday during the launch of the national industrial policy 2025 by the federal government.

The naira has strengthened in recent weeks, appreciating to N1,335.95 per dollar at the official market and N1,380/$ at the black market on Tuesday.

Commenting on the development, the billionaire businessman said the country has the potential to generate large-scale consumption, industrial growth, and disposable incomes.

“I mean today if you look at it, your excellency, I believe with the policies that you have implemented in government, people now have started seeing the result and manufacturers are very very happy,” Dangote said.

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

“The only thing is for maybe the government to stop the naira from getting stronger so that they will keep collecting more naira.

“But it’s a catch-22 situation where, now, 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 you should be is to manufacture all the things that we need.”

On February 12, Femi Otedola, the chairman of First HoldCo, expressed optimism that the naira will strengthen meaningfully and will trade below N1,000/$1 before year-end as domestic refining is fully underway. (The Cable)