Nigeria: Naira Could Strengthen to N1,100/$ - Dangote

Chairman of the Dangote Group, Aliko Dangote, has projected that the naira could appreciate to N1,100 per dollar before the end of 2026.

Dangote made the projection while speaking at the launch of the National Industrial Policy 2025 by the Federal Government.

His remarks come amid recent gains by the local currency. On Tuesday, the naira traded at N1,335.95 per dollar at the official market and about N1,380 per dollar at the parallel market.

Addressing government officials at the event, Dangote attributed the currency's recent performance to policy measures introduced by the current administration, saying manufacturers were beginning to see positive results.

"I mean today if you look at it, Your Excellency, I believe with the policies that you have implemented in government, people now have started seeing the result and manufacturers are very, very happy," he said.

He expressed optimism that further restrictions on imports and increased domestic production could strengthen the currency further.

"Today, the dollar is N1,340. Mr Vice-President, I can assure you with what I know, blocking all this importation and co, naira this year will be as low as N1,100 if we are lucky," Dangote stated.

He, however, noted that a stronger naira could create a policy dilemma for the government.

"The only thing is for maybe the government to stop the naira from getting stronger so that they will keep collecting more naira," he said.

"But it's a catch-22 situation where, now, if the naira gets stronger it means that everything will go down. Everything will go down because we are an import-based country which we shouldn't be.

"What you should be is to manufacture all the things that we need."

Dangote reiterated the need for Nigeria to prioritise domestic manufacturing, reduce reliance on imports and build industrial capacity to stabilise the currency and drive economic growth.

Read the original article on Daily Trust.