Billionaire investor Femi Otedola says the naira could strengthen to below N1,000 per dollar before year-end, citing Dangote Refinery’s full operational capacity and planned expansion.
Billionaire investor Femi Otedola has projected that the naira may appreciate to below N1,000 against the dollar before the end of the year, attributing the outlook to Dangote Petroleum Refinery’s attainment of full capacity. In a post on X on Thursday, Otedola described the development as a major turning point for Nigeria’s foreign exchange market and congratulated Africa’s richest man, Aliko Dangote, on what he called a transformational milestone for the country and the continent.
Otedola said the refinery’s ability to supply up to 75 million litres of Premium Motor Spirit daily would significantly reduce Nigeria’s dependence on imported fuel. “With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly,” Otedola wrote. “I am optimistic that the naira will strengthen meaningfully, and trading below N1,000/$1 before year end is increasingly within reach,” he added.
He further disclosed that Dangote has commenced a $12 billion expansion project aimed at increasing refining capacity to 1.4 million barrels per day. “Aliko is not stopping here,” Otedola wrote. The expansion will also cover the production of 2.4 million tonnes of polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene, key inputs used in plastics, packaging and detergent manufacturing, a move expected to boost local production and reduce foreign exchange demand in Nigeria’s manufacturing sector.
READ THE FULL STORY IN NAIRAMETRICS
NEWS NOW:
- ‘I only shared God’s prophecy, I did not defamed you’ — Primate Ayodele replies Kwankwaso
- Denmark moves to ban Muslim call to prayer nationwide
- Building collapses in Lagos, many feared trapped
- From critic to cheerleader: U.S. Congressman hails Tinubu, says state police will protect persecuted Christians
