Aliko Dangote, chairman of the Dangote Group, has projected that the naira could strengthen to N1,100 per dollar in 2026, citing the impact of ongoing economic reforms and import substitution.
Dangote spoke on Tuesday at the launch of the National Industrial Policy 2025 by the federal government.
The naira has firmed in recent weeks, closing at N1,335.95/$ at the official market and about N1,380/$ on the parallel market on Tuesday.
He said current policies are beginning to yield results, boosting confidence among manufacturers.
According to him, curbing imports and ramping up domestic production could push the currency as strong as N1,100/$ this year. However, he noted authorities may be wary of excessive appreciation given revenue considerations.
He said: “Today, the dollar is N1,340. Mr Vice-President, I can assure you that, based on my knowledge, blocking all this importation and currency 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.”
Dangote described the situation as a “catch-22”, warning that while a stronger naira would lower import costs, Nigeria’s import dependence highlights the need to deepen local manufacturing capacity.
