Aliko Dangote, the Chairman of the Dangote Group, has predicted that the naira could strengthen to N1,100 to a US dollar this year.
He made this statement at the launch of Nigeria’s Industrial Policy in Abuja, an event attended by Vice President Kashim Shettima and other officials.
Dangote said the current government reforms are already producing results, and local manufacturers are seeing improvements.
He noted that curbing imports could help the naira gain value, though he acknowledged that a stronger currency could lower prices because Nigeria relies heavily on imported goods instead of producing them locally.
He also called for better support for local investors, stressing that incentives and reliable infrastructure, particularly electricity, are essential to growing the industrial sector and creating jobs.
The naira has recently shown signs of recovery, trading at about N1,354 to the dollar in the official market and between N1,430 and N1,440 on the parallel market, its highest levels in over two years.
Nigerian stocks are performing well, with equities delivering strong dollar returns this year and recovering billions in market value lost after the naira’s sharp devaluation in 2024.
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