Chairman of the Dangote Group and Africa’s richest man, Aliko Dangote, has joined a growing list of dignitaries projecting a significant appreciation of the naira, predicting that the currency could strengthen from its current level of about N1,300 to N1,000 against the dollar.
Dangote made the projection during the launch of the Nigeria Industrial Policy in Abuja, where he attributed the expected improvement to ongoing economic reforms and renewed protection of local industries.
“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 results, and manufacturers are very, very happy,” Dangote said during the event.
He noted that current foreign exchange trends suggest a stronger naira may be achievable if import dependence is reduced and domestic production is prioritized.
“Today, the dollar is N1,340. Mr. Vice-President, I can assure you that, with what I know, by blocking all this importation, the currency this year will be as low as N1,100 if we are lucky,” he said.
“The only thing is for, maybe, the government to stop the naira from getting stronger so that they will keep collecting more naira. 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 we should be doing is manufacturing all the things that we need.”
Dangote also emphasized the need for comprehensive power sector reforms, noting that inconsistent electricity supply remains one of the biggest obstacles to industrial growth and large-scale manufacturing in Nigeria.
“While the policy is in order, it must be backed with full protection for industrialists to drive the nation’s goal for industrialisation, job creation, and economic growth,” he added.
His remarks come days after businessman Femi Otedola, chairman of First Bank of Nigeria, and President Bola Tinubu similarly projected that the naira could appreciate to around N1,000 per dollar if current economic reforms are sustained.
