Otedola predicts Naira surge to below N1,000/$ driven by Dangote Refinery

Femi Otedola, billionaire investor and Chairman of First HoldCo, has projected a major recovery for the Nigerian currency, suggesting the naira could strengthen to below N1,000 per dollar by the end of 2026.

This optimistic outlook hinges on the Dangote Petroleum Refinery reaching its full production capacity of 650,000 barrels per day.

Otedola stated on Thursday that the refinery’s ability to supply 75 million liters of petrol (PMS) daily will drastically cut the nation’s foreign exchange demand, as fuel imports have historically been the largest drain on dollar reserves.

"With domestic refining firmly underway, the pressure on the FX market should ease significantly," Otedola noted, citing the recent stabilization of the naira at approximately N1,400.47 in the official market.

The refinery recently announced it had optimized its crude distillation and motor spirit units following scheduled maintenance, signaling a move toward full operations.

Beyond current production, Otedola revealed that Aliko Dangote has initiated a $12 billion expansion project aimed at increasing capacity to 1.4 million barrels per day.

This expansion will include petrochemical plants for polypropylene and Linear Alkyl Benzene, further reducing Nigeria's import bills for industrial raw materials.