The Chairman of the Dangote Group, Aliko Dangote, has projected that the naira will appreciate to ₦1,000 against the dollar before the end of the year.
He made the statement on Tuesday in Abuja during the unveiling of the Nigeria Industrial Policy. Although the naira currently trades at about ₦1,300 to a dollar, Dangote expressed optimism that ongoing government reforms will bring improvement.
“I mean, today, if you look at it, Your Excellency, I believe with the policies that you have implemented in government, people now have started seeing the result, and manufacturers are very, very happy,” he said at the gathering attended by Vice President and other dignitaries.
“Today, the dollar is N1,340. Mr. Vice-President, I can assure you that, with what I know, by blocking all this importation, the 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.
“But it’s a catch-22 situation where, now, if the naira gets stronger, it means that everything will go down. Everything will go down because we are an import-based country, which we shouldn’t be. What we should be doing is manufacturing all the things that we need.”
Dangote urged the government to safeguard local investors by offering incentives and improving infrastructure, particularly electricity supply, which he identified as a major business challenge. He stressed that while the policy framework is commendable, it must be supported with strong protection for industrialists to drive industrialisation, employment, and economic expansion.
Recently, , Chairman of First HoldCo, also predicted that the naira could appreciate to ₦1,000/$1 before year-end, citing rising domestic refinery capacity.
At the event, Shettima highlighted the importance of private sector participation in achieving the Nigeria Industrial Policy, noting that paid about nine hundred billion naira in taxes in 2025.
The Nigeria Industrial Policy aims to stimulate value addition, strengthen industrial linkages, and enhance export competitiveness. Among those present were the Secretary to the Government of the Federation, , representatives of the , the United Nations, and other industry leaders.