Dangote Projects Naira Appreciation to N1,100 per Dollar in 2026
Abuja — Aliko Dangote, Chairman of the Dangote Group and Africa’s wealthiest individual, has predicted a significant strengthening of the Nigerian naira, forecasting an exchange rate of N1,100 to the U.S. dollar by the end of 2026. He made the statement during the launch of the Nigeria Industrial Policy in the capital on Tuesday.
Dangote attributed the anticipated appreciation to sustained economic reforms implemented by President Bola Ahmed Tinubu’s administration. He asserted that these policies are already yielding positive results, particularly for the manufacturing sector.
“With the policies that you have implemented in government, people now have started seeing the result, and manufacturers are very, very happy,” Dangote said, addressing Vice President Kashim Shettima. He noted the current official rate was approximately N1,340 per dollar and expressed confidence that further measures, including restrictions on certain imports, would drive the rate down to N1,100 “if we are lucky.”
His projection aligns with a separate forecast from Femi Otedola, Chairman of First HoldCo, who previously suggested the naira could reach N1,000 per dollar by year-end, pointing to increased domestic fuel production from the Dangote Refinery as a key factor.
At the time of Dangote’s remarks, the naira was trading at N1,335.96 on the official market and N1,390 on the parallel market, according to Media Talk Africa. The central bank has been navigating a volatile foreign exchange market following the unification of the exchange rate in June 2023, a cornerstone of Tinubu’s broader economic reform agenda aimed at attracting foreign investment and stabilising the economy.
The government’s strategy has included tightening monetary policy, encouraging non-oil exports, and implementing initiatives to boost local production and reduce dependency on imports. Dangote’s public endorsement as a leading industrialist underscores growing, albeit cautious, optimism among some business leaders about the long-term impact of these reforms.
The trajectory of the naira remains a critical indicator of economic stability for Nigeria, Africa’s largest economy. A sustained appreciation could lower import costs and inflation but would depend heavily on continued capital inflows, oil revenue performance, and the effective execution of industrial policies designed to enhance foreign exchange earnings.
