Dangote Predicts Naira Could Strengthen to N1,100 to $1 in 2026
Abuja, February 18, 2026 – Aliko Dangote, Chairman of the Dangote Group, has projected a significant strengthening of the naira, suggesting the local currency could reach N1,100 to the US dollar this year, citing government reforms and efforts to curb excessive importation.
Dangote made the remarks on Tuesday during the launch of the Nigeria Industrial Policy in Abuja, an event attended by Kashim Shettima and other dignitaries.
Currently trading around ₦1,340–₦1,350 to $1, Dangote said that measures by the government are creating optimism among manufacturers and investors.
“Today, if you look at it, Your Excellency, with the policies implemented, people are starting to see results, and manufacturers are very happy,” Dangote said. “By blocking unnecessary importation, the currency could be as low as N1,100 this year if we are lucky.”
He, however, noted a “catch-22” situation, explaining that a stronger naira would reduce the cost of imports and goods, but the country remains heavily import-dependent. “What we should be doing is manufacturing all the things we need locally,” Dangote emphasized.
In addition, he called for stronger protections for local investors through incentives and improved infrastructure, particularly addressing persistent power supply challenges. “While the policy is in order, it must be backed with full protection for industrialists to drive industrialization, job creation, and economic growth,” he said.
Dangote’s comments follow positive signals from Nigeria’s capital markets. Bloomberg reported that Nigerian equities have delivered the world’s second-best dollar returns in 2026, climbing 31% and recovering $21 billion in market value lost after the naira’s devaluation in 2024. Total market capitalization on the Lagos Exchange now stands at about $84 billion, roughly 58% higher than pre-devaluation levels.
Meanwhile, industrialists such as Femi Otedola have also projected further gains, predicting that the naira could trade below ₦1,000 to $1 by year-end, supported by full production from the Dangote Petroleum Refinery, which has the capacity to supply up to 75 million litres of PMS daily, a development expected to conserve foreign exchange and reshape Nigeria’s energy sector.
With government reforms, expanding industrial output, and growing investor confidence, Dangote’s forecast highlights renewed optimism for the naira and Nigeria’s economic trajectory in 2026.
