Market News

The Chairman of the Dangote Group, Aliko Dangote, has explained how he believes the naira could strengthen to about N1,100 to the dollar in 2026, citing ongoing government reforms and reduced import dependence.

Dangote spoke on Tuesday in Abuja at the launch of Nigeria’s Industrial Policy, an event attended by Vice President Kashim Shettima and other dignitaries, according to Channels Television.

While the naira currently trades around N1,300 to a dollar, he said recent policies have begun to produce results and are encouraging manufacturers.

“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 added, “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.

“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 said reducing imports and expanding local production would help stabilise the currency and lower demand for foreign exchange.

He also called for stronger protection for domestic investors through incentives and improved infrastructure, especially reliable power supply.

“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 said.