Dangote Refinery boost could push naira below ₦1,000/$1 before year-end — Otedola
By Jeffrey Agbo
Billionaire investor Femi Otedola has projected a stronger outlook for the naira, saying the local currency could appreciate to below ₦1,000 against the US dollar before the end of the year, driven largely by the operational impact of the Dangote Petroleum Refinery.
Otedola shared the view in a post on X while congratulating Aliko Dangote, President of the Dangote Group, on the refinery reaching its full production capacity of 650,000 barrels per day.
He said the facility’s ability to supply up to 75 million litres of Premium Motor Spirit (PMS) daily represents a major turning point for Nigeria and Africa, with far-reaching implications for the nation’s energy sector.
According to Otedola, the resumption of large-scale domestic refining after decades of dependence on fuel imports is expected to significantly reduce pressure on the foreign exchange market.
“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 also disclosed that Dangote has launched a fresh $12 billion expansion programme to raise refining capacity to 1.4 million barrels per day.
The planned expansion will include the production of 2.4 million tonnes of polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene, a key input for detergent manufacturing.
Otedola described the refinery’s progress as a major milestone for Nigeria’s economic development, congratulating Dangote on what he termed a historic achievement for the country.
