Otedola Predicts Naira Will Crash Below ₦1,000/$1 as Dangote Refinery Hits Historic Full Capacity

Billionaire investor Femi Otedola has sent shockwaves through the financial markets with a bold forecast: the Nigerian Naira is headed for a massive comeback, potentially trading below ₦1,000 to the US Dollar before the curtain falls on 2026.

Taking to his verified X (formerly Twitter) handle on Thursday, the Chairman of First HoldCo attributed this bullish outlook to a historic milestone achieved by his “friend and brother,” Aliko Dangote. The 650,000-barrel-per-day Dangote Petroleum Refinery has officially reached full operational capacity, a feat Otedola believes will finally break the “import trap” that has choked the Naira for decades.

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

The logic behind the prediction is rooted in the “State of Harmony” the refinery brings to Nigeria’s energy sector. By pumping out up to 75 million litres of petrol daily, the facility eliminates the need for the Central Bank to funnel billions of dollars into fuel imports every month. Industry analysts agree that this shift could be the single most significant structural change in Nigeria’s economy since the return to democracy.

Otedola also dropped a major hint about the future, revealing that work has already started on a fresh $12 billion expansion. This next phase aims to more than double the refinery’s output to 1.4 million barrels per day, while adding massive petrochemical lines for products like polypropylene used in plastics and detergents.

As the Naira continues its recent winning streak closing at ₦1,352 on the official market this Thursday Otedola’s prediction has added fresh fuel to the fire of economic recovery. For a nation weary of currency volatility, the message from one of its most successful businessmen is clear: the days of the “weak Naira” may finally be numbered.