Dangote Foresees Dollar Slide, Optimism For Nigerian Economy

Dangote made the prediction on Tuesday during the launch of the Nigeria Industrial Policy in Abuja, highlighting that recent economic reforms by the Federal Government are beginning to benefit manufacturers.

He said the improving policy environment has boosted investor and industrialist confidence.

“If you look at it today, Your Excellency, with the policies implemented by the government, people are beginning to see results, and manufacturers are very happy,” Dangote stated at the event attended by Vice President Kashim Shettima and other dignitaries.

Dangote noted that the naira, currently trading around ₦1,340 to the dollar, could appreciate further if imports are reduced and local production is strengthened.

“Today, the dollar is ₦1,340. Mr. Vice-President, I can assure you that if we block unnecessary imports, the currency could reach as low as ₦1,100 this year. The only issue is that if the naira strengthens too much, the government may collect fewer naira, which is a catch-22. But a stronger naira would benefit the country because we should focus on manufacturing rather than importing everything,” he explained.

Dangote urged the government to provide stronger support for local investors through incentives and improved infrastructure, particularly electricity, which he described as a major business constraint.

He emphasized that while the new industrial policy is a positive step, it must be reinforced with deliberate measures to assist manufacturers and drive job creation and economic growth.

His projection follows a similar forecast by Femi Otedola, Chairman of First HoldCo, who also suggested the naira could reach ₦1,000 to $1 before year-end, citing increased local refining capacity as a factor that could reduce foreign exchange demand.

Vice President Shettima highlighted the private sector’s crucial role in implementing the industrial policy, noting that Dangote Cement alone paid approximately ₦900 billion in taxes in 2025, underscoring the importance of major industrial players to national development.

The Vice President added that the Nigeria Industrial Policy aims to promote value addition, strengthen industrial linkages, and enhance export competitiveness.

Other attendees included the Secretary to the Government of the Federation, George Akume; representatives from the Manufacturers Association of Nigeria; United Nations officials; and several industry leaders.