Aliko Dangote, Chairman of the Dangote Group, has forecasted a significant appreciation of the Nigerian naira, predicting it will strengthen to ₦1,000 per US dollar within the year. His statement aligns with a similar projection from another prominent businessman and follows the federal government’s launch of a new Nigeria Industrial Policy.
Speaking at the policy launch in Abuja on Tuesday, Dangote linked the anticipated currency appreciation to recent government reforms. The naira currently trades around ₦1,300 to the dollar. “I believe with the policies that you have implemented in government, people now have started seeing the result,” Dangote told Vice President Kashim Shettima, who attended the event alongside other dignitaries.
Dangote suggested that measures to curb certain imports could accelerate the naira’s rise, potentially reaching ₦1,100 to the dollar. He noted a paradoxical challenge: a stronger currency could reduce prices for imported goods but might also diminish government revenue from import duties and complicate efforts to boost local manufacturing. He emphasized that Nigeria’s long-term goal must be to produce goods domestically rather than rely on imports.
His comments echo those of Femi Otedola, Chairman of First HoldCo, who last week also projected the naira would fall below ₦1,000 per dollar by year-end, citing expanded local refinery capacity.
Vice President Shettima underscored the critical role of the private sector in driving the Industrial Policy’s success. He highlighted the Dangote Group’s substantial contribution, noting that Dangote Cement alone paid ₦900 billion in tax in 2025.
The Nigeria Industrial Policy aims to promote value addition, strengthen industrial linkages, enhance export competitiveness, and stimulate job creation. Dangote urged the government to support these goals through targeted incentives and infrastructure development, particularly in resolving persistent power supply challenges that hinder manufacturing.
The event was also attended by Secretary to the Government of the Federation George Akume, representatives from the Manufacturers Association of Nigeria (MAN), the United Nations, and other industry leaders.
The concurrent predictions from two of Nigeria’s most influential businessmen signal cautious optimism about the country’s economic trajectory, contingent on sustained policy implementation and structural reforms aimed at reducing import dependency and bolstering domestic production.
