The Chairman of the Dangote Group, Aliko Dangote, has suggested that the Nigerian naira could see a significant appreciation this year, potentially reaching ₦1,100 to the US dollar.

Dangote made the remarks on Channels TV on Tuesday during the launch of the Nigeria Industrial Policy in Abuja.

While the naira currently trades around ₦1,300 to a dollar, Dangote said ongoing government reforms indicate a positive outlook for the currency.

“I believe with the policies that have been implemented, people are beginning to see results, and manufacturers are very, very happy,” he said.

He added, “Today, the dollar is ₦1,340. I can assure you that, with the current measures, particularly the restriction of imports, the naira could strengthen to as low as ₦1,100 this year if we are fortunate.

“The only challenge is that if the naira gets stronger, the government may collect less in local currency revenue. It’s a catch-22 situation. A stronger naira would lower costs across the board because we rely heavily on imports, which is not ideal. Instead, we should focus on producing domestically all the goods we need.”