Chairman of the Dangote Group, Aliko Dangote, has projected that the naira could appreciate to as low as N1,100 per dollar before the end of 2026, citing the Federal Government’s industrial and economic reform agenda as a major catalyst for currency stability.

Dangote, however, cautioned that such appreciation would depend partly on government policy choices, noting that authorities may opt to keep the naira relatively weaker to boost naira-denominated revenues.

He made the remarks recently at the launch of the Nigeria Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other senior government officials.

Speaking at the event, Dangote said the Federal Government’s reform policies were already yielding tangible benefits for manufacturers.

“Today, if you look at it, with the policies that have been implemented, people have started seeing the results, and manufacturers are very, very happy,” he said.

According to him, reducing Nigeria’s heavy reliance on imports and strengthening domestic production would significantly lower foreign exchange demand, thereby supporting a stronger naira.

“Today, the dollar is N1,340. 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 stated.

He added, however, that the government could deliberately restrain further appreciation.

“The only thing is maybe for the government to stop the naira from getting stronger so that they will keep collecting more naira. But it’s a catch-22 situation,” he said, explaining that a stronger currency would reduce costs in an import-dependent economy.