Dangote Warns Naira Demand May Stall Currency Strengthening

Aliko Dangote, Chairman of Dangote Group, expressed concerns that the Nigerian government's demand for naira could stall its appreciation towards N1,100 per dollar. He made this statement on Tuesday, February 17, 2026, during the launch of Nigeria's industrial policy in Abuja, an event attended by Vice President Kashim Shettima and top government officials.

Dangote noted that while reforms are yielding positive results, particularly in manufacturing and reducing imports, the government is deliberately allowing the naira to remain weaker to boost naira-denominated revenue. He emphasized the need for stronger protection of local investors and improvements in infrastructure, especially reliable electricity, to support industrial growth and job creation.

Analysts caution that the exchange rate's performance depends on multiple variables, including oil prices and foreign capital inflow. Femi Otedola, Chairman of First Holdco, mentioned that the Dangote Petroleum Refinery could supply 75 million liters of petrol daily, which could significantly impact Nigeria's foreign exchange outlook by reducing fuel imports.