President of the Dangote Group, Aliko Dangote, has projected that the naira could appreciate to N1100 against the United States dollar before the end of the year, citing ongoing government reforms and efforts to curb import dependence.
Dangote made the projection on Tuesday during the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other top officials.
Speaking at the event, Dangote expressed optimism about the direction of economic policies, noting that manufacturers were beginning to see positive results. With the naira currently trading around N1300 to the dollar, he said recent reforms and moves to reduce excessive importation could further strengthen the local currency.
According to him, blocking unnecessary imports and boosting domestic production would ease pressure on foreign exchange demand. He, however, acknowledged the delicate balance involved, pointing out that while a stronger naira could reduce the cost of goods in an import dependent economy, it also presents fiscal considerations for government revenue.
Dangote stressed that Nigeria must transition from heavy reliance on imports to large scale local manufacturing. He called for stronger protection of domestic investors through supportive policies, improved infrastructure and stable power supply to drive industrialisation and job creation.
His remarks come amid renewed investor confidence in the Nigerian market. Reports indicate that Nigerian equities have delivered strong dollar returns this year, recovering significant market value lost during the sharp currency devaluation in 2024. Market capitalisation on the Lagos Exchange has also risen substantially.
Similarly, businessman Femi Otedola has previously expressed optimism that the naira could trade below N1000 per dollar, citing the impact of the Dangote Petroleum Refinery’s full production capacity on foreign exchange savings.
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