President of the Dangote Group, Aliko Dangote, has projected that the naira could appreciate to ₦1,100 per US dollar in 2026, citing the impact of ongoing economic reforms and industrial policy initiatives.

Dangote made the remarks during the launch of Nigeria’s Industrial Policy in Abuja, attended by Vice President Kashim Shettima, according to Channels Television.

With the naira currently trading around ₦1,300–₦1,340 at the official foreign exchange market, Dangote expressed confidence that government reforms are beginning to stabilise the economy. He noted that manufacturers are already seeing positive results and said curbing excessive importation would further strengthen the currency.

According to him, reducing Nigeria’s dependence on imports and boosting local manufacturing could push the exchange rate down to ₦1,100/$1 this year “if we are lucky.” However, he described the situation as a “catch-22,” explaining that a stronger naira would lower import costs but could also reduce government revenue in local currency terms.

Dangote stressed that sustainable naira appreciation depends on strong industrialisation, improved power supply, and investor protection. He called for policies that encourage domestic production, job creation, and long-term economic growth.

The optimistic outlook comes amid a rally in Nigerian equities. Bloomberg reported that Nigerian stocks posted the world’s second-best dollar returns in 2026, climbing 31% and recovering significant value lost after the 2024 devaluation.

Similarly, billionaire investor Femi Otedola has predicted the naira could trade below ₦1,000/$1 following the ramp-up of the Dangote Petroleum Refinery, which is expected to conserve foreign exchange and reshape Nigeria’s energy sector.