The Chairman of Dangote Group, Aliko Dangote, has forecasted a significant improvement in the value of the naira this year. He predicts the currency could strengthen to ₦1,000 per dollar.
Dangote shared this outlook during the launch of the Nigeria Industrial Policy in Abuja. An event attended by Vice President Kashim Shettima and other senior government officials.
Currently, the naira trades at around ₦1,300 to the dollar. However, Dangote expressed confidence that recent government reforms will positively impact the economy and benefit manufacturers.
“Your Excellency, I believe the policies implemented by your government are starting to show results. Manufacturers are very happy,” Dangote said.
He added, “Today, the dollar is at ₦1,340. Mr. Vice President, I can assure you that, with the measures in place. Including curbing unnecessary imports, the naira could strengthen to as low as ₦1,100 this year. The only concern might be if the government deliberately prevents the naira from appreciating to collect more revenue in naira.”
Dangote also noted the challenges of a stronger naira, saying, “It’s a catch-22. If the naira strengthens, prices will drop, but as an import-dependent country, this could have mixed effects. What we need is to focus on manufacturing the goods we consume.”
He emphasized the importance of supporting local investors with incentives and better infrastructure. Particularly reliable power supply, which he identified as a major hurdle for businesses.
While praising the industrial policy framework, Dangote stressed the need for strong protective measures. To ensure industrialization, job creation, and economic growth.
In a related development, Femi Otedola, Chairman of First HoldCo, also predicted that the naira could appreciate to ₦1,000/$1 by year-end. He attributed this to increased local refinery capacity.
At the same event, Vice President Shettima highlighted the private sector’s critical role in driving the Nigeria Industrial Policy. He noted that Dangote Cement alone paid ₦900 billion in taxes in 2025. The policy aims to boost value addition, strengthen industrial linkages, and enhance export competitiveness.
The event was attended by key figures, including the Secretary to the Government of the Federation, George Akume. Representatives from the Manufacturers Association of Nigeria, the United Nations, and other industry leaders.
