Africa’s richest industrialist, Aliko Dangote, has projected that the naira could strengthen to about N1,100 to the dollar before the end of the year if Nigeria accelerates efforts to curb imports and expand domestic production.
Dangote made the projection during the unveiling of the country’s new industrial policy, stressing that protecting local industries remains a critical gap in Nigeria’s industrialisation strategy.
He warned that heavy reliance on imported goods continues to weaken domestic manufacturers, urging the government to implement policies that prioritise local production and support indigenous businesses.
The industrialist also identified electricity supply as a major obstacle to growth in the manufacturing sector. He advised Vice President Kashim Shettima to convene a national forum to address the country’s persistent power challenges.
According to him, the unstable power situation is slowing industrial activity and limiting the expansion of factories nationwide.
Meanwhile, Shettima disclosed that the Federal Government received about ₦900 billion in taxes from Dangote Cement in 2025, expressing confidence that the new industrial policy would boost production and increase national revenue.
He noted that the company’s tax contribution demonstrates the potential of a strong industrial base to support government finances and reduce reliance on volatile revenue sources.
The Vice President added that the new policy aims to shift Nigeria from exporting raw materials to producing finished goods locally, a move expected to strengthen the manufacturing sector, create jobs, and retain more value within the economy.
He emphasised that the policy’s implementation framework sets it apart from previous initiatives, with a stronger focus on execution to deliver measurable results and long-term industrial growth.
