Aliko Dangote, Chairman of the Dangote Group, has forecast a notable appreciation of the naira, projecting that it could strengthen to about ₦1,100 per dollar before the end of the year.
Dangote made the statement on Tuesday at the unveiling of Nigeria’s Industrial Policy in Abuja. The event was attended by Vice President Kashim Shettima and other prominent figures.
Although the naira is currently trading at roughly ₦1,300 to the dollar, Dangote expressed optimism that ongoing government reforms point to improved economic conditions ahead. “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 also called for stronger protection for local investors through incentives and infrastructure, highlighting power supply as a persistent challenge.