By Kingston Magare 12.2.2026
Billionaire industrialist Femi Otedola, has predicted that the naira before the end of 2026 will fall below a 1000 to a dollar.
Mr. Otedola hinged his optimism on the Dangote Refinery hitting 650,000 barrels per day.
During the week the management of the Dangote Refinery announced that it has achieved a global first by reaching its full nameplate capacity of 650,000 barrels per day following the restoration and optimisation of its Crude Distillation Unit and Motor Spirit production block.
Speaking on the development, Mr. Otedola stated that it was a transforming moment for the country.
“I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach.”
Writing on X Otedola added:
“I congratulate my friend and brother, @AlikoDangote, on the remarkable achievement of the Dangote Petroleum Refinery reaching its full 650,000 barrels per day capacity.
“More importantly, it is transformational for Nigeria and Africa. Supplying up to 75 million litres of PMS daily changes our energy narrative and conserves foreign exchange.
“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly,”
“Aliko is not stopping here. He has embarked on an additional $12 billion expansion to increase refining capacity to 1.4 million barrels per day, alongside 2.4 million tons of polypropylene and 400,000 metric tons of Linear Alkyl Benzene for detergent production.”