Aliko Dangote, Chairman of the Dangote Group, has forecast a significant appreciation of the naira, projecting the currency could strengthen to N1,100 against the United States dollar before the end of 2026.
Dangote made the projection while speaking at the federal government’s unveiling of the National Industrial Policy 2025, where he highlighted recent gains in currency stability and renewed confidence among manufacturers following policy adjustments by the current administration.
Brandspur Banking News Desk reports that the business magnate linked the improving exchange rate outlook to reduced import dependence, stronger industrial activity and rising domestic production. According to him, recent policy interventions are beginning to deliver tangible results, with manufacturers expressing renewed optimism as market conditions stabilise.
The naira has recorded notable gains in recent weeks, trading stronger at the official market and narrowing the gap with parallel market rates. Dangote said the trend reflects the country’s underlying capacity to drive consumption-led growth, expand industrial output and increase disposable incomes.
He argued that sustained efforts to curb excessive imports and support local manufacturing could accelerate the naira’s recovery, noting that a stronger currency would lower costs across the economy. However, he cautioned that currency management remains delicate, as rapid appreciation could reduce government revenue inflows from foreign exchange conversions.
Dangote stressed that long-term currency stability depends on Nigeria becoming less import-reliant and more self-sufficient in producing goods consumed locally. He maintained that industrial expansion remains the most sustainable path to stabilising the naira and strengthening the broader economy.
His comments come amid growing optimism among business leaders. Earlier this month, other industry figures also expressed confidence that ongoing domestic refining and structural reforms could push the naira below the N1,000-to-the-dollar mark before year-end, reinforcing expectations of a gradual but sustained recovery in the currency.
