Dangote Forecasts Naira Appreciation to N1,000 per Dollar by 2026
Aliko Dangote, Chairman of the Dangote Group, has made a significant prediction regarding the Nigerian currency, stating the naira could strengthen to N1,000 against the US dollar by 2026. The billionaire industrialist expressed this optimistic outlook during the launch of the Nigeria Industrial Policy in Abuja on Tuesday, February 17.
Government Reforms Driving Positive Results
Dangote praised recent government economic policies, noting that manufacturers are beginning to see tangible benefits from implemented reforms. "With the policies that have been implemented, people now have started seeing the result, and manufacturers are very, very happy," Dangote stated during the event attended by Vice President Kashim Shettima and other government officials.
The industrialist emphasized that restricting imports could further support the naira's appreciation, potentially pushing it to N1,100 against the dollar. "If the naira gets stronger, it means that everything will go down, because we are an import-based country, which we shouldn't be. What we should be doing is manufacturing all the things that we need," Dangote explained.
Call for Infrastructure Improvements and Investor Protection
While commending government policies, Dangote called for additional measures to support industrial growth. He stressed the need for incentives and improved infrastructure, particularly in the power sector, to protect local investors and drive economic development.
"The policy is in order, but it must be backed with full protection for industrialists to achieve industrialization, job creation, and economic growth," Dangote emphasized during his address.
Vice President Highlights Private Sector Contribution
Vice President Kashim Shettima, who attended the event, highlighted the crucial role of the private sector in implementing the industrial policy. He noted that Dangote Cement alone contributed N900 billion in taxes during 2025, demonstrating the significant economic impact of major industrial players.
The Nigeria Industrial Policy aims to enhance value addition, strengthen industrial linkages, and improve export competitiveness across various sectors of the economy.
Recent Naira Performance and Related Predictions
The Nigerian naira showed positive movement in foreign exchange markets on February 17, strengthening by N30 against the US dollar in the parallel market to close at N1,390/$1. At the official Nigerian Foreign Exchange Market (NAFEM), the currency appreciated by N11.82 to settle at N1,335.96/$1.
In a related development, billionaire businessman Femi Otedola has also projected that the naira could appreciate to trade below N1,000 to the dollar before the end of 2026. Otedola identified the Dangote Petroleum Refinery's attainment of full operational capacity as a key driver of foreign exchange stability, describing it as a major turning point for Nigeria's economic outlook.
The event brought together key stakeholders including the Secretary to the Government of the Federation, George Akume, representatives from the Manufacturers Association of Nigeria, United Nations officials, and various industry leaders, all focused on advancing Nigeria's industrial development agenda.
