Otedola Says Dangote Refinery Expansion Could Strengthen the Naira

Nigerian investor Femi Otedola believes the local currency could appreciate significantly as domestic refining capacity expands.

He linked the outlook to the operational progress of the Dangote Petroleum Refinery, arguing that large-scale local fuel production could sharply reduce the country’s dependence on imports.

According to him, lower fuel import bills would ease pressure on foreign exchange demand and support currency stability, making a sub-₦1,000 exchange rate plausible before year-end.

Otedola also revealed that additional investment is underway to expand refining capacity and deepen petrochemical output, including plastics and industrial raw materials.

Such expansion, he said, could reduce import reliance across manufacturing sectors and further strengthen Nigeria’s external balance.