Dangote Refinery: Otedola Predicts Naira Will Hit Below ₦1,000/$1 Before Year-End

Femi Otedola, the billionaire businessman, has expressed confidence that the naira could strengthen to below ₦1,000 against the dollar by year-end, citing the Dangote Petroleum Refinery‘s growing operational influence as a key driver.

Otedola made this known in a tweet on his X platform, while congratulating President of Dangote Group, Aliko Dangote, on the refinery’s attainment of its full production capacity of 650,000 barrels per day.

He said that the refinery’s capacity to supply up to 75 million litres of Premium Motor Spirit (PMS) daily marks a transformative moment for Nigeria and the African continent, significantly altering the country’s energy landscape.

He noted that with domestic refining now in full swing after decades of reliance on fuel imports, pressure on the foreign exchange market is expected to ease considerably.

“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly. I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola stated.

He further revealed that Dangote has commenced an additional $12 billion expansion project aimed at increasing refining capacity to 1.4 million barrels per day.

The expansion will also include the production of 2.4 million tonnes of polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene for detergent manufacturing.

Otedola described the development as a milestone for Nigeria’s economic growth, congratulating Dangote on what he called a historic achievement for the country.