Africa’s richest industrialist, Aliko Dangote, has declared that the Naira could appreciate to N1,100 against the dollar this year if Nigeria decisively blocks excessive importation and strengthens domestic manufacturing.
Speaking during discussions on Nigeria’s industrial reform drive, Dangote expressed confidence in the current economic policies. He said manufacturers have started seeing tangible results from government reforms. According to him, confidence is gradually returning to the productive sector.
The dollar currently trades around N1,340 in the foreign exchange market. However, Dangote maintained that strategic import substitution and large-scale local production could significantly improve the Naira to dollar rate. He assured the Vice President that based on industry data and economic realities, the local currency has the potential to gain further strength.
He described the situation as a “catch-22.” While a stronger Naira would reduce the cost of imported goods and ease inflationary pressure, it could also affect government revenue streams linked to foreign exchange inflows. Nevertheless, he argued that Nigeria must focus on long-term economic stability rather than short-term gains.
Dangote stressed that Nigeria remains heavily dependent on imports, a factor that continues to expose the economy to forex volatility. He insisted that the country should transition from an import-based structure to a production-driven model. By manufacturing what it consumes, Nigeria can create jobs, increase disposable income, and stabilize the currency sustainably.
Furthermore, he noted that blocking unnecessary imports would protect local industries and encourage capacity expansion. As domestic companies scale up production, they would reduce reliance on foreign goods and strengthen the Naira organically.
Dangote’s projection has reignited debate within Nigeria’s economic and financial circles. Analysts say currency stability will depend on consistent policy implementation, industrial expansion, and improved export performance. However, they agree that strengthening local manufacturing remains critical to long-term forex stability.
As Nigeria pushes forward with industrial reforms, Dangote’s remarks underscore a clear message: sustainable economic growth will come from production, not import dependence.
