Dangote Predicts N1,100 Naira in 2026
Chairman of the Dangote Group, Aliko Dangote, has predicted that the naira could strengthen to N1,100 against the United States dollar this year. He said ongoing government reforms are already showing positive results for manufacturers and investors.
Dangote made the statement on Tuesday in Abuja during the launch of the Nigeria Industrial Policy. The event was attended by Vice President Kashim Shettima and other top government officials.
He noted that although the naira currently trades around N1,300 to the dollar, recent policy changes could push the currency to stronger levels before the end of the year.
Speaking at the event, Dangote expressed confidence in the economic direction of the government. He said manufacturers are beginning to feel the impact of reforms and are more optimistic about the future.
According to him, if importation is properly controlled, the naira could appreciate further. He told the Vice President that with the right measures in place, the exchange rate could drop to as low as N1,100 to a dollar in 2026.
He, however, described the situation as a “catch-22.” Dangote explained that while a stronger naira would reduce the cost of goods in an import-dependent economy like Nigeria, it could also affect government revenue.
He stressed that Nigeria should focus more on manufacturing what it consumes instead of relying heavily on imports. According to him, building a strong industrial base is key to long-term economic stability.
Dangote also called for stronger protection for local investors. He said industrial policies must be backed with incentives, stable infrastructure and improved power supply to drive job creation and economic growth.
His comments come at a time when Nigerian equities are performing strongly. Reports indicate that Nigerian stocks delivered one of the highest dollar returns globally in 2026, rising by 31 percent.
The rally helped the market recover about $21 billion in value that was lost after the sharp devaluation of the naira in 2024.
Market capitalisation on the Lagos Exchange is now estimated at about $84 billion, representing a significant recovery compared to levels recorded after the currency crisis.
Businessman Femi Otedola had earlier made a similar projection about the naira. He said the currency could trade below N1,000 to the dollar before the end of 2026.
Otedola linked his optimism to the Dangote Petroleum Refinery reaching full production capacity of 650,000 barrels per day. He described the refinery’s output as transformational for Nigeria and Africa.
According to him, the refinery’s capacity to supply up to 75 million litres of Premium Motor Spirit daily would reduce dependence on fuel imports and help conserve foreign exchange.
In recent weeks, the naira has shown signs of strengthening. It has traded around N1,354 to the dollar at the official market and between N1,430 and N1,440 at the parallel market, marking its strongest performance in over two years.