Naira May Hit N1,100/$ in 2026 – Dangote

President of the Dangote Group, Aliko Dangote, has projected that the naira could appreciate to about N1,100 per US dollar in 2026, citing the impact of ongoing economic reforms and import-substitution policies.

Speaking on Tuesday at the launch of Nigeria’s Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima, Dangote expressed confidence that recent government measures were beginning to yield results.

According to him, manufacturers are already seeing improvements from the policy changes, noting that confidence within the industrial sector has risen. 

He suggested that if import dependence is significantly curtailed, the naira could strengthen considerably before the end of the year, possibly reaching N1,100 to the dollar under favourable conditions.

However, he noted the dilemma facing policymakers, noting that a stronger naira could reduce government revenue in local-currency terms. 

He further noted that currency appreciation would likely drive down prices in an economy heavily reliant on imports,  a situation he argued showcases the need for Nigeria to expand domestic manufacturing capacity.

 “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 stressed that industrial growth must be supported by deliberate government protection and incentives for local investors, particularly to address persistent infrastructure gaps, such as an unreliable power supply.

He maintained that policy reforms must be supported by practical measures to achieve job creation, economic growth, and sustainable industrialisation.

Bloomberg recently reported that Nigerian equities recorded the world’s second-highest dollar-denominated returns in 2026, rising 31 percent and recouping an estimated $21 billion in market value lost after the naira’s sharp devaluation in 2024.

Market capitalisation on the Lagos Exchange has climbed to roughly $84 billion, representing a significant rebound.

The naira has shown signs of recovery in recent weeks, trading around N1,354 per dollar at the official market and between N1,430 and N1,440 on the parallel market, its strongest levels in more than two years, according to market sources.