Otedola Forecasts Naira to Trade Below N1,000/$, Hails Dangote's Refinery Impact

Nigerian billionaire businessman Femi Otedola has projected that the Nigerian Naira will trade below N1,000/$ by the end of the year, citing the full operational capacity of Dangote Petroleum Refinery as a key driver for foreign exchange stability. Otedola expressed optimism that the refinery's operations will significantly reduce Nigeria's reliance on imported petroleum products, easing pressure on the local currency.

He commended Africa's richest man, Aliko Dangote, for the refinery's transformative impact on Nigeria and the broader African continent. Dangote's ongoing $12 billion expansion project aims to increase the refinery's capacity further.

The diesel prices in Nigerian depots are currently nearing N900 per liter, with expectations of further reductions due to increased supply and weak demand.