Otedola Predicts Naira Appreciation At ₦1,000/$ As Dangote Refinery Hits Full Capacity

Billionaire businessman Femi Otedola has projected that the naira could appreciate to below ₦1,000 against the United States dollar before the end of 2026, citing the Dangote Petroleum Refinery’s attainment of full production capacity as a major boost for the local economy.

Otedola made the projection in a post on his verified X handle on Thursday while congratulating his friend and fellow industrialist, Aliko Dangote, on the refinery’s milestone of reaching 650,000 barrels per day optimum capacity

According to market sources, the naira, which has gained strength in recent weeks, traded at about ₦1,354 to the dollar at the official foreign exchange market on Thursday and between ₦1,430 and ₦1,440 at the parallel market — its strongest performance in over two years.

Describing the refinery’s full capacity as “transformational for Nigeria and Africa,” Otedola noted that its ability to supply up to 75 million litres of Premium Motor Spirit daily would significantly alter the country’s energy landscape and reduce pressure on foreign exchange.

“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly,” he said.

“I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola added.

Beyond the current output, Otedola disclosed that Dangote was embarking on a $12 billion expansion project aimed at increasing refining capacity to 1.4 million barrels per day. The expansion will also include plans to produce 2.4 million tonnes of polypropylene and 400,000 metric tonnes of linear alkyl benzene, a key raw material in detergent manufacturing.

He said work on the expansion had already commenced in earnest.

The refinery’s milestone comes amid ongoing efforts by the Central Bank of Nigeria (CBN) to stabilise the foreign exchange market through measures designed to improve liquidity and narrow the gap between the official and parallel market rates.