Naira to Trade Below ₦1,000/$1 Before Year-End, Predicts Otedola

By 𝔸bdulrazak Tomiwa

Billionaire businessman, Femi Otedola has expressed strong optimism that the Naira will strengthen significantly against the dollar.

He predicted that the currency could trade below ₦1,000/$1 before the end of 2026 due to the impact of the Dangote Refinery.

Otedola shared these thoughts while congratulating Aliko Dangote on the refinery reaching its full production capacity of 650,000 barrels per day. He described the milestone as a transformative moment for Nigeria’s energy sector and the entire African continent.

The refinery is now capable of supplying 75 million litres of petrol daily, effectively ending decades of fuel importation. This shift is expected to drastically reduce the demand for foreign exchange typically used to fund imported petroleum products.

Regarding the currency outlook, Otedola stated, “I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach.” He credited the easing pressure on the forex market for this positive forecast.

In addition to current operations, a new $12 billion expansion project is underway to increase the refinery’s capacity to 1.4 million barrels per day.

This expansion will also include facilities for manufacturing detergents and polypropylene.

Otedola concluded by praising the project as a historic achievement for Nigeria’s economic growth. He emphasized that local refining ensures long-term energy security and macroeconomic stability for the nation.