Africa’s richest man and Chairman of the Dangote Group, Aliko Dangote, has expressed optimism that the naira will strengthen significantly against the United States dollar this year saying the local currency could trade near ₦1,000 to $1 before the end of 2026 if ongoing government reforms persist. He spoke on Tuesday at the launch of Nigeria’s National Industrial Policy 2025 in Abuja where he also backed key fiscal and economic policies of the Federal Government as essential for growth and stability.

Dangote noted that recent measures aimed at boosting industrialisation and limiting unnecessary imports are helping to stabilise the foreign exchange market. He said the currency had already shown signs of strengthening with the dollar trading above ₦1,300 at official markets but warned that fuller reform and increased local production would be crucial to achieve stronger rates.

“Today if you look at it your excellency I believe with what I know by blocking all this importation and so on the naira this year will be as low as ₦1,100 if we are lucky,” Dangote said adding that manufacturing more of what Nigeria consumes would reduce pressure on the currency.

The industrialist also urged the government to continue improving the business environment through infrastructure development especially electricity and incentives for local investors to help the private sector flourish and reduce reliance on imported goods.

Vice President Kashim Shettima who featured at the event praised the private sector’s role in driving economic reform and said Nigeria’s industrial trajectory is gaining momentum due to collaborative efforts between investors and policymakers.

Economic analysts have projected a range of possible exchange rate outcomes for the naira this year with some forecasting a gradual strengthening while others warn of volatility if structural issues persist. Nonetheless Dangote’s prediction and endorsement of government policies contribute to a growing narrative of cautiously improving confidence in Nigeria’s economic direction.