The chairman of the Dangote Group, Aliko Dangote, has predicted that the value of the naira will rise significantly, maybe reaching N1,100 to the US dollar this year.
Vice President Kashim Shettima and other dignitaries were present at the Nigeria Industrial Policy unveiling in Abuja on Tuesday, when Dangote made the comments, according to Channels TV.
Dangote stated that government changes are starting to yield results, even if the naira now trades at about N1,300 to a dollar.
“I think people are starting to see the results of the policies you have put in place in government, and manufacturers are really, really happy,” he remarked.
“The dollar is N1,340 today,” he continued. According to what I understand, Mr. Vice-President, if we are lucky, the currency this year would be as low as N1,100 if all imports are blocked.
Perhaps the government should prevent the naira from strengthening so that they can continue to collect more of it.
However, it’s a catch-22 situation where everything will collapse if the naira strengthens. We should not be a nation dependent on imports, thus everything will collapse. Manufacturing whatever we require is what we ought to be doing.
Dangote also emphasized electricity supply as a recurring issue and urged for greater security for local investment through infrastructure and incentives.
Femi Otedola has previously forecast that, after the Dangote Petroleum Refinery reached its maximum capacity of 650,000 barrels per day, the naira may trade below N1,000 to the US dollar by the end of 2026.
Otedola added that the refinery’s capacity to produce up to 75 million liters of Premium Motor Spirit per day would change the nation’s energy narrative and save foreign dollars, calling its production “transformational for Nigeria and Africa.”
Otedola had previously stated, “I am confident that the naira will appreciate significantly and that trading below ₦1,000/$1 before year-end is increasingly achievable.”
