Economy: Dangote backs reforms, projects Naira will hit N1,000/$1 in 2026

*Aliko Dangote, President and Chief Executive of Dangote Industries Limited, predicts the appreciated Naira will hit N1,000 against US Dollar this, emphasising the current administration’s economic reforms ‘mean better days are ahead’

Isola Moses | ConsumerConnect

Key economic indicators may have signalled that things are looking up in the Nigerian economy, as Alhaji Aliko Dangote, President and Chief Executive (CE) of the Dangote Group, has predicted the Naira, Nigeria’s currency, will hit ₦1,000 to US$1 by the end of 2026.

ConsumerConnect reports Dangote, foremost industrialist, philanthropist and Africa’s richest man, stated this Tuesday, February 18, when speaking at the launch of the Nigeria Industrial Policy, in Abuja, FCT.

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The Naira currently exchanges for about ₦1,340 to a Dollar, according to report.

The Federal Government stated the Nigeria Industrial Policy is expected to catalyse value addition, industrial linkages, and export competitiveness, among others.

It is recalled Mr. Femi Otedola, Nigerian multibillionaire businessman and Chairman of First HoldCo, last week, also had predicted that the Naira, the country’s national currency, would strengthen against the Dollar and trade at ₦1,000/$1 before the end of this year.

Otedola hinged his projection on enhanced local petroleum refinery capacity in the Nigerian economy.

Underlining the reason for his prediction on appreciation of the Naira in months ahead, the President/CE of Dangote Group in his address on the occasion attended by Vice-President Kashim Shettima and other dignitaries, emphasised that the current administration’s economic reforms mean better days are ahead.

He explained: “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.

“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.”

Dangote further 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.”

The leading industrialist opined: “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.”

Protection of local industry to maximise productivity

In his address at the launch of the Nigeria Industrial Policy Wednesday, Dangote advocated the protection of local investors through the provision of incentives and infrastructure.

Such incentives, he said, include adequate power generation, distribution and supply to consumers, which he noted had remained a challenge to doing business in Nigeria.

Though the policy is in order, it must be backed with full protection for industrialists to drive Nigeria’s goal for industrialisation, job creation, and economic growth.

Private sector key to achieving Nigeria Industrial Policy, says VP Shettima

In his remarks at the event, Vice-President Shettima also described the role of the private sector as key to achieving the Nigeria Industrial Policy.

He noted that Dangote Cement Plc alone paid a tax of N900 billion in 2025.

Other dignitaries at the unveiling of the policy document include Senator George Akume, Secretary to the Government of the Federation (SGF), and representatives of the Manufacturers Association of Nigeria (MAN); the United Nations (UN); and captains of industry.

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