Dangote Predicts Naira Could Hit N1,100/$ as Industrial Policy Launch Spurs Optimism

Africa’s richest businessman, Aliko Dangote, has expressed optimism that the naira could appreciate to ?1,100 per dollar this year if the Federal Government sustains its reform efforts and curbs importation.

Dangote made the remarks on Tuesday at the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other top dignitaries.

While noting that the naira currently trades around ?1,300 to the dollar — and ?1,340 as of the event — Dangote said manufacturers are already seeing positive results from the government’s policies.

“I believe with the policies that you have implemented, people are beginning to see the results, and manufacturers are very, very happy,” he said.

Addressing the Vice President directly, Dangote added that blocking excessive importation could further strengthen the local currency.

“With what I know, by blocking all this importation, the currency this year will be as low as ?1,100 if we are lucky,” he stated. “The only thing is maybe for the government to stop the naira from getting stronger so that they can keep collecting more naira.”

However, he described the situation as a “catch-22,” explaining that a stronger naira could lower prices across the board because Nigeria remains heavily import-dependent — a model he argued must change.

“We are an import-based country, which we shouldn’t be. What we should be doing is manufacturing all the things that we need,” he said.

Dangote also called for stronger protection for local investors, urging the government to provide incentives and critical infrastructure such as stable electricity, which he identified as a major challenge for businesses.

According to him, while the new industrial policy is commendable, it must be backed by full protection for industrialists to achieve meaningful industrialisation, job creation, and economic growth.

Last week, Chairman of First HoldCo, Femi Otedola, similarly projected that the naira could strengthen to ?1,000 per dollar before year-end, citing increased local refining capacity.

Speaking at the event, Vice President Shettima described the private sector as central to the success of the Nigeria Industrial Policy, noting that Dangote Cement alone paid ?900 billion in taxes in 2025.

The Nigeria Industrial Policy aims to boost value addition, strengthen industrial linkages, and improve Nigeria’s export competitiveness.

Other dignitaries present included Secretary to the Government of the Federation George Akume, representatives of the Manufacturers Association of Nigeria (MAN), officials from the United Nations, and several industry leaders.