Otedola Predicts Naira Below ₦1,000/$1 by Year-End

Femi Otedola, a billionaire businessman, expressed optimism that the Naira will trade below ₦1,000 per dollar before the end of the year, attributing this potential strengthening to the operational impact of the Dangote refinery. The refinery has reached its full production capacity of 650,000 barrels per day, supplying 75 million liters of premium motor spirit daily, which is expected to significantly transform Nigeria's energy landscape.

Otedola also revealed that Dangote is commencing an additional $12 billion expansion project to increase refinery capacity to 1.4 million barrels per day, which will include the production of 2.4 million tons of polypropylene and 400,000 metric tons of linear alkyl benzene. The Central Bank of Nigeria (CBN) reaffirmed its commitment to sweeping economic reforms aimed at stabilizing the economy and achieving a $1 trillion economy by 2030.

During the 47th Kaduna International Trade Fair, CBN Deputy Director Sidi Hakama highlighted the importance of local content development and the bank's reform agenda.