Otedola Projects Naira To Trade Below N1,000/$, Praises Dangote
- Femi Otedola projects the naira could appreciate to below N1,000 per dollar before year-end
- The positive outlook is hinged on Dangote refinery announcing it has hit full capacity production
- The refinery says it now has the capacity to supply up to 75 million litres of PMS daily
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Billionaire businessman Femi Otedola has projected that the naira could appreciate to trade below N1,000 to the dollar before the end of the year.
He noted that the Dangote Petroleum Refinery’s attainment of full operational capacity as a key driver of foreign exchange stability.
Source: Getty Images
Otedola believes Dangote refinery will crash dollar
In a post on X on Thursday, February 12, Otedola described the refinery’s ramp-up to full production as a major turning point for Nigeria’s foreign exchange outlook.
He further expressed optimism that sustained domestic refining could significantly ease long-standing pressure on the local currency.
According to him, the refinery’s capacity to supply up to 75 million litres of Premium Motor Spirit (PMS) daily is expected to sharply reduce Nigeria’s reliance on imported refined petroleum products historically one of the largest sources of foreign exchange demand.
Otedola wrote:
“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 N1,000/$1 before year end is increasingly within reach.”
Otedola praises Dangote
Otedola congratulated Africa’s richest man, Aliko Dangote, describing the refinery’s achievement as transformational for Nigeria and the broader African continent.
He noted that reaching full capacity marks a significant step toward energy self-sufficiency and industrial expansion.
Beyond the current milestone, Otedola disclosed that Dangote has commenced a $12 billion expansion project aimed at raising the refinery’s capacity to 1.4 million barrels per day.
Source: Getty Images
Dangote said:
" 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. Work has already commenced in earnest.
“Congratulations once again, my brother. Nigeria is proud of you"
Diesel prices in Nigeria
Earlier, Legit.ng reported that diesel prices in Nigerian depots are getting closer to N900 per litre following an influx of supply, weak demand, and serious price-matching competition between private depot owners and the Dangote Refinery.
From the high of over N1,100 in 2025, diesel now trades between N911 and N950 across major locations.
There are higher expectations from observers that prices may fall further as the market remains oversupplied following the influx of diesel vessels and the ramp-up in diesel production from the Dangote Refinery.
Source: Legit.ng
