Dangote Drops Bombshell On Dollar Vs Naira

The President of the Dangote Group, Aliko Dangote, has expressed confidence in the prospects of the naira, projecting that the currency could strengthen to about ₦1,000 against the United States dollar before the end of the year.

According to Ireporter Online, Dangote made the forecast on Tuesday during the unveiling of the Nigeria Industrial Policy in Abuja, stating that recent economic reforms introduced by the Federal Government are beginning to deliver tangible benefits for manufacturers and investors. He noted that the evolving policy landscape has restored optimism within the industrial sector, with many operators reporting improved business conditions.

Addressing dignitaries at the event, including Vice President Kashim Shettima, Dangote said the current administration’s reforms have started to inspire renewed confidence among stakeholders. He observed that manufacturers are increasingly encouraged by the direction of government policies and the early signs of economic stabilization.

The billionaire industrialist pointed out that with the dollar trading around ₦1,300 in recent days, the naira could appreciate further if import dependence is significantly reduced and local production intensified. He suggested that curbing excessive importation would ease pressure on foreign exchange demand, potentially driving the exchange rate down to between ₦1,100 and ₦1,000 per dollar under favorable conditions. However, he acknowledged the delicate balance policymakers must maintain, noting that a stronger naira could lower prices in an economy heavily reliant on imports.

Dangote emphasized that Nigeria’s long-term solution lies in strengthening domestic manufacturing rather than sustaining an import-driven structure. He urged authorities to implement protective measures and incentives that would shield local investors from unfair competition, while also addressing structural challenges such as inadequate power supply, which he described as a major impediment to industrial growth.

While commending the newly launched industrial policy as a progressive move, he stressed the importance of backing it with deliberate and sustained support for manufacturers to boost job creation and stimulate economic expansion.

His projection comes shortly after Femi Otedola, Chairman of First HoldCo, similarly predicted that the naira could strengthen to ₦1,000 per dollar before year-end. Otedola attributed his optimism to increasing domestic refining capacity, which he said would significantly reduce foreign exchange pressures associated with fuel imports.

In his remarks at the event, Shettima underscored the pivotal role of the private sector in driving the objectives of the Nigeria Industrial Policy. He disclosed that Dangote Cement alone contributed approximately ₦900 billion in taxes in 2025, describing such contributions from major industrial players as crucial to national development. The Vice President explained that the policy framework is designed to promote value addition, strengthen industrial linkages and enhance Nigeria’s export competitiveness.

The event also drew the participation of senior government officials, industry leaders, representatives of the Manufacturers Association of Nigeria, United Nations officials and other key stakeholders in the country’s industrial ecosystem.