Chairman of the Dangote Group, Aliko Dangote, has predicted the appreciation of the naira to ₦1,100 to $1, regretting however that “if the naira gets stronger it means that everything will go down. Everything will go down because we are an import-based country which we shouldn’t be.”
He spoke on Tuesday at the official national launch of the National Industrial Policy 2025 in Abuja, themed “From Policy to Productivity: Implementing Nigeria’s Industrial Future.” The event was attended by top government officials, captains of industry, and development partners.
TopSociety reports that the naira has strengthened in recent weeks, appreciating to N1,335.95 per dollar at the official market and N1,380/$ at the black market on Tuesday.
Speaking at the event where President Bola Tinubu was represented by Vice President Kashim Shettima, the richest man in Africa said, “I mean, today, if you look at it, Your Excellency, I believe with the policies that you have implemented in government, people now have started seeing the result, and manufacturers are very, very happy.
“Today, the dollar is N1,340. Mr. Vice-President, I can assure you that, with what I know, by blocking all this importation, the currency this year will be as low as N1,100 if we are lucky. The only thing is for, maybe, the government to stop the naira from getting stronger so that they will keep collecting more naira.
“But it’s a catch-22 situation where, now, if the naira gets stronger, it means that everything will go down. Everything will go down because we are an import-based country, which we shouldn’t be. What we should be doing is manufacturing all the things that we need.”
Dangote went on to call for the protection of local investors through the provision of incentives and infrastructure, such as power, which he said remains a challenge to doing business in Nigeria.
According to him, while the policy is in order, it must be backed with full protection for industrialists to drive the nation’s goal for industrialization, job creation, and economic growth.
