The President of the Dangote Group, Aliko Dangote, has projected a significant appreciation of Nigeria’s currency, saying the naira could strengthen to as much as ₦1,000 against the dollar before the end of the year.
Dangote made the forecast in Abuja during the launch of the Nigeria Industrial Policy, an event attended by Kashim Shettima and other senior government officials. His comments come at a time when the naira is trading at roughly ₦1,300 to the dollar amid ongoing efforts to stabilise the economy.
Addressing policymakers and industry leaders, Dangote linked his optimism to recent economic reforms introduced by the federal government. He said manufacturers were beginning to see tangible benefits from policy changes and argued that tighter controls on imports could further strengthen the local currency.
According to him, if current measures to curb import dependency are sustained, the naira could appreciate to around ₦1,100 in the near term and potentially ₦1,000 under favourable conditions. However, he acknowledged the complex trade-offs involved, noting that a stronger currency could reduce government revenue in naira terms even as it lowers costs for consumers and businesses.
The naira has faced sustained pressure over the past two years following foreign exchange reforms, subsidy removals and global economic headwinds. The currency’s volatility has driven up inflation and raised input costs for manufacturers in a heavily import-dependent economy.
Economists say any sustained appreciation would depend on improved dollar liquidity, increased exports and reduced reliance on imported goods. Dangote’s remarks underscore a broader push for industrialisation as a pathway to currency stability and economic resilience.
The comments were delivered at the unveiling of the Nigeria Industrial Policy, which aims to boost domestic production, enhance value addition and improve export competitiveness. The framework seeks to strengthen industrial linkages and position the private sector as the engine of economic growth.
Dangote stressed that while the policy blueprint is sound, it must be backed by targeted incentives and infrastructure upgrades. He identified reliable power supply as one of the most pressing challenges facing industrialists, arguing that sustainable industrialisation cannot occur without consistent energy access.
Dangote’s forecast echoes similar projections made by Femi Otedola, chairman of First HoldCo, who last week also predicted that the naira could appreciate to ₦1,000 per dollar before year-end. Otedola attributed the expected gains to increased local refining capacity, which is anticipated to reduce demand for foreign exchange used in fuel imports.
At the policy launch, Vice President Shettima emphasised the private sector’s role in driving industrial transformation. He noted that Dangote Cement paid ₦900 billion in taxes in 2025, highlighting the scale of contribution from major domestic firms.
Other dignitaries at the event included the Secretary to the Government of the Federation, George Akume, representatives of the Manufacturers Association of Nigeria and officials from the United Nations.
The renewed optimism around the naira signals growing confidence among leading industrialists in the direction of economic reforms. Whether the currency reaches the ₦1,000 threshold will depend on the consistency of policy implementation, improvements in production capacity and Nigeria’s ability to shift from an import-reliant structure to a manufacturing-driven economy.
For businesses and investors, the coming months will serve as a test of whether policy ambition can translate into currency stability and sustained growth.
