By: Sunday Ameh
Africa’s richest man and President of the Dangote Group, Aliko Dangote, has projected that the United States dollar will continue to weaken against the Nigerian naira in the coming months.
Speaking at a World Press Conference in Lagos, Dangote attributed the anticipated improvement in the naira’s value to the impact of the Dangote Petroleum Refinery and the federal government’s new economic policies.
According to him, without the operations of the refinery, Nigeria’s exchange rate could have deteriorated further, exceeding ₦1,455 per dollar.
“One of the things people don’t realise is that without this refinery, you would have ended up buying dollars at a ridiculous rate — not at ₦1,455. So, it is a major, major thing,” Dangote stated.
The business mogul urged Nigerians hoarding the U.S. dollar to sell now, predicting that the naira would strengthen significantly within the next two months.
“You wouldn’t have seen the dollar rate dropping and our foreign reserves going up. I can assure you that within the next one or two months, with the government’s new policies supporting the downstream sector, you will see the dollar rate improve a lot.
“If I have dollars today, I would rather sell them than wait for the next month or so,” he advised.
Dangote also announced that Nigerians would soon be able to acquire shares in the Dangote Refinery, describing the project as a shared national vision rather than a private enterprise.
He added that the refinery’s success demonstrates Nigeria’s potential for industrial self-sufficiency and economic stability, saying the project remains a source of pride for the nation and the African continent.
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