Business
Dangote Forecasts Major Naira Appreciation to ₦1,100 per Dollar in 2026
Africa’s richest man and Chairman of the Dangote Group, Aliko Dangote, on Tuesday projected a significant strengthening of the Nigerian naira, forecasting it could rally to as low as ₦1,100 per US dollar within 2026, driven by government reforms, import restrictions, and increased local production.
Speaking at the official launch of the National Industrial Policy 2025 in Abuja, attended by Vice President Kashim Shettima and other dignitaries, Dangote expressed optimism about the currency’s trajectory amid ongoing economic measures.
“Today, the dollar is N1,340. Mr Vice-President, I can assure you that, with what I know, by blocking all this importation and so on, the naira this year will be as low as N1,100 if we are lucky,” Dangote stated, according to multiple reports from the event.
He attributed the potential appreciation to reduced foreign exchange demand from imports, as local manufacturing ramps up including contributions from his own Dangote Petroleum Refinery, which is scaling toward full capacity. Dangote praised recent policy directions for beginning to yield positive results, noting that manufacturers are increasingly optimistic.
The forecast comes as the naira has shown signs of stabilization in recent weeks, trading around ₦1,300–₦1,340 to the dollar in official and parallel markets, a marked improvement from higher levels earlier in the year.
Dangote suggested that sustained import controls and industrial growth could push the currency even further, potentially toward ₦1,000 per dollar under ideal conditions, though he cautioned that policy consistency would be key.
The remarks align with broader optimism in some quarters, including from billionaire Femi Otedola, who recently projected the naira could trade below ₦1,000/$ before year-end, largely crediting the Dangote Refinery’s role in cutting dollar outflows for fuel imports.
Dangote also highlighted challenges, emphasizing the need for reliable power supply and continued government incentives to support industrial expansion and sustain the projected currency rally.
Analysts view the prediction as bullish but contingent on factors like forex policy enforcement, oil revenues, and global commodity prices.
The naira’s performance has been volatile in recent years due to external pressures and domestic structural issues, but recent CBN interventions and refinery developments have fueled renewed confidence among investors.
The statement has sparked discussions on social media and economic forums, with many welcoming the positive outlook while others call for concrete actions to realize such gains for everyday Nigerians facing inflation and import costs.
Business
Investors Rush For Airtel Money IPO on LSE
Airtel Money is proving popular among retail investors ahead of full admission next week.
Airtel Money began conditional trading on the London Stock Exchange this morning in a £5.3 billion market debut, dubbed Africa’s Revolut.
Shares, which were open only to investors allocated stock in the offer, were trading flat at around 194p.
But armchair investors are rushing to sign up to the City’s largest IPO in five years ahead of full admission on October 14.
It is the ninth most popular initial public offering on AJ Bell’s investment platform based on the number of customers applying to take part in the offer, it said.
Airtel Money is proving popular among retail investors ahead of full admission next week
Airtel Money, a subsidiary of Airtel Africa, which offers mobile payment services in 13 countries across Africa, is a subsidiary of FTSE 100 telecoms group Airtel Africa, whose shares have trebled in less than two years.
The Nigerian National Petroleum Company Limited (NNPC Ltd) has clarified that its ongoing petrol discount is a temporary customer relief measure and does not amount to a restoration of the petroleum subsidy abolished in 2023.
In a statement issued on Friday by Chief Corporate Communications Officer Andy Odeh, the company said the N66-per-litre sales discount, first introduced on 1 October 2026 to mark Nigeria’s 66th Independence Anniversary, will continue until 31 October 2026 at NNPC Retail stations nationwide.
NNPC stressed that the initiative is designed to ease the burden of rising fuel prices linked to elevated global crude oil costs and the Middle East conflict. It applies only to NNPC Retail outlets and does not set a uniform national pump price or change the market-based pricing framework for petroleum products.
“This discount is a customer relief initiative and does not represent the reintroduction of petroleum subsidy,” the statement said. The company urged the public to disregard any interpretation of the measure as a return to the subsidy regime.
The clarification followed comments by Finance Minister and Coordinating Minister of the Economy Taiwo Oyedele, who explained that the discount is funded solely from NNPC Retail’s own profit margin and involves no public funds from the federal budget or Federation Account.
Business
Manufacturers sitting on N40trn untapped opportunities, says report
The Nigerian Manufacturing Opportunity Report 2026 provides decision-makers with the insights on opportunities that are most immediate, where Nigeria is already making progress and what needs to be done better to unlock greater value.
SEID, a marketing communications and market intelligence firm in Lagos, has estimated that the Manufacturing industries in Nigeria is sitting on more than N40 trillion in untapped manufacturing opportunities.
The Managing Partner at SEID, Tubosun Akeju, disclosed this in a report -The Nigerian Manufacturing Opportunity Report 2026 launched by the during the 54th Annual General Meeting of the Manufacturers Association of Nigeria, held at the Oriental Hotel.
Akeju emphasised that the report provides decision-makers with the insights on opportunities that are most immediate, where Nigeria is already making progress and what needs to be done better to unlock greater value.
“The opportunity is to understand where those strengths exist, deepen them, and build the competitiveness required to capture more value locally and compete beyond our borders,” he said .
The report examines manufacturing opportunities across Nigeria’s subsectors, states, value chains and industrial clusters, while identifying areas where existing strengths can be deepened and competitiveness improved.
It said that Nigeria’s manufacturing landscape was shaped by distinct areas of industrial strength, with different states, regions and value chains demonstrating varying levels of scale, specialisation and competitiveness.
The report noted that this created an opportunity to build on existing capabilities rather than adopt a one-size-fits-all approach to industrial development.
Manufacturing activity is spread across states with different levels of scale, specialisation and growth.
The South-West remains the country’s largest manufacturing zone, while other regions are developing strengths in areas ranging from food and agro-processing to textiles, chemicals, pharmaceuticals, cement, steel and light manufacturing.
The report maps these differences to show where investment and industrial development can build on existing capabilities.
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