President of the Dangote Group, Aliko Dangote, has said the naira could strengthen toward N1,100 to the dollar if ongoing economic and industrial reforms continue to reduce import dependence and boost domestic production.
Speaking at the presentation of Nigeria’s industrial policy in Abuja, Dangote noted that improvements in policy direction were already encouraging manufacturers, many of whom are beginning to see operational benefits. He said a sustained shift toward local production would cut foreign exchange demand and support currency stability.
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However, he warned that government fiscal considerations could influence the outcome, suggesting authorities might tolerate a weaker currency if it helps increase naira-based revenue inflows.
Dangote stressed that industrial growth would require more than policy reforms alone, urging authorities to provide reliable power supply, targeted incentives, and stronger protections for domestic investors to drive job creation and long-term economic expansion.
Analysts say any appreciation of the naira would likely help reduce inflationary pressures, improve household purchasing power, and boost investor sentiment, although exchange-rate performance will still depend on oil earnings, capital inflows, and policy consistency.
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