By Erewunmi Peace

Billionaire businessman Femi Otedola has projected that the Nigerian naira could trade below ₦1,000 to the U.S. dollar before the end of 2026, citing the full operational capacity of the Dangote Refinery as a major factor.

Otedola made the comments on social media (X), highlighting that the refinery, which now processes 650,000 barrels of crude per day, will significantly reduce Nigeria’s reliance on imported fuel — a key drain on foreign exchange reserves.

“The Dangote Refinery operating at full capacity is a game-changer. We could see the naira strengthen below ₦1,000/$ if this trend continues,” Otedola said.

Experts note that increased domestic fuel production could ease pressure on Nigeria’s foreign exchange market, improve liquidity, and potentially stabilize the naira against the dollar.

While optimistic, analysts caution that currency forecasts depend on multiple factors, including global oil prices, foreign exchange policies, and demand for foreign currency. Still, the Dangote Refinery’s achievement is widely seen as a positive milestone for Nigeria’s economy, with the potential to reduce import costs and bolster local energy supply.

This development comes amid growing interest in how domestic refining can impact Nigeria’s macroeconomic stability, particularly in the foreign exchange and fuel sectors.