Chairman of Dangote Group, Aliko Dangote, has expressed strong optimism about Nigeria’s economy, predicting that the naira could appreciate to as high as ₦1,000 to the US dollar before the end of 2026, driven by ongoing government reforms.
Dangote made the projection on Tuesday in Abuja while speaking at the launch of the Nigeria Industrial Policy.
At the time of his remarks, the naira was trading around ₦1,300 to the dollar, but Dangote said recent fiscal and monetary reforms are already yielding positive results for manufacturers and investors.
“With the policies that this administration has implemented, people are beginning to see results. Manufacturers are very happy,” Dangote said, addressing Kashim Shettima and other dignitaries at the event.
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He noted that restricting excessive imports and boosting local production could push the exchange rate to ₦1,100/$1, or even ₦1,000/$1, if reforms are sustained.
However, Dangote cautioned that a stronger naira presents a policy dilemma for government revenue, describing it as a “catch-22 situation” for an import-dependent economy.
“If the naira gets stronger, prices will come down. But Nigeria should not remain import-based. We must manufacture what we consume,” he said.
Dangote emphasized the need for strong protection of local investors, calling for improved infrastructure, incentives, and reliable power supply to support industrial growth.
According to Dangote, while the Nigeria Industrial Policy is a step in the right direction, its success depends on deliberate government support for domestic manufacturers to drive industrialization, job creation, and economic growth.
