Aliko Dangote, chairman of the Dangote Group, has predicted a significant strengthening of the naira, saying the currency could reach N1,100 to a dollar this year.

Dangote spoke on Tuesday as the federal government launched its National Industrial Policy 2025.

The naira has gained in recent weeks, reaching N1,335.95 per dollar at the official market and N1,380/$ at the black market on Tuesday.

Commenting on the situation, the billionaire businessman stated that the country has the ability to generate large-scale consumption, industrial expansion, and disposable incomes.

“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,” Dangote said.

“Today, the dollar is N1,340. Mr. Vice-President, I can assure you with what I know, blocking all this importation and co., naira 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.