Billionaire Femi Otedola has predicted that the naira could fall below ₦1,000 to the US dollar by the end of 2026, after the Dangote Petroleum Refinery hit its full production of 650,000 barrels per day.
He made the claim on X on Thursday while congratulating his friend and fellow businessman, Aliko Dangote on the milestone.
According to market sources, the naira has strengthened in recent weeks, trading around ₦1,354 to the dollar at the official foreign exchange market on Thursday and about ₦1,430–₦1,440 on the parallel market, its strongest levels in more than two years.
Otedola described the refinery’s full capacity as “transformational for Nigeria and Africa,” highlighting its potential to supply up to 75 million litres of Premium Motor Spirit (PMS) daily. He said that the development would alter the country’s energy landscape, reduce dependence on fuel imports, and conserve foreign exchange.
The businessman added that the Dangote Refinery’s operations could have a significant impact on Nigeria’s economy, especially in stabilising the naira and improving the balance of payments. Analysts note that such large-scale domestic production has the potential to reshape currency dynamics if fully optimised.
With the refinery now operating at maximum output, Nigeria is poised to achieve a major milestone in its energy sector, potentially reducing fuel scarcity and strengthening economic fundamentals, developments that could drive further confidence in the naira in the months ahead.