Aliko Dangote, Chairman of the Dangote Group, has projected a potential strengthening of the naira to as low as N1,100 to the dollar this year. This forecast is based on the anticipated positive impact of the Federal Government’s ongoing industrial and economic reform policies.

Speaking at the launch of the Nigeria Industrial Policy in Abuja on Tuesday, February 17, 2026, Dangote noted that the only factor that could prevent such appreciation is if the Federal Government deliberately allows the naira to remain weaker in order to boost naira-denominated revenue. The event was attended by Vice President Kashim Shettima and other top government officials.

Dangote stated that the reforms are already yielding positive results, particularly for manufacturers. He added that reducing imports and strengthening local production would ease pressure on foreign exchange demand and support currency appreciation. Dangote also called for stronger protection for local investors through targeted incentives and improved infrastructure, especially reliable electricity, which he described as critical to industrial growth. He stressed that while the industrial policy is well-conceived, it must be backed by full support for industrialists to achieve job creation and sustainable economic growth.

Dangote outlined the potential economic impact if the naira appreciates toward N1,100/$1 or even N1,000/$1; however, Nairametrics analysts caution that exchange rate performance depends on multiple variables, including oil prices, foreign capital inflows, monetary policy discipline, and global economic conditions. Sustained appreciation would require consistent forex supply, fiscal discipline, and continued structural reforms aimed at boosting domestic production and exports.

In a related development, Femi Otedola, Chairman of First Holdco, recently projected that the naira could strengthen to below N1,000 per dollar before year-end, citing the attainment of full capacity by the Dangote Petroleum Refinery. Otedola described the refinery’s ability to supply up to 75 million litres of petrol daily as a potential turning point for Nigeria’s foreign exchange outlook, noting that reduced fuel imports could significantly ease pressure on the naira.