Billionaire businessman Femi Otedola has expressed optimism that the naira could trade below ₦1,000 to the dollar before the end of the year, citing the operational impact of the Dangote Petroleum Refinery.
In a post on his X platform, Otedola congratulated Aliko Dangote on the refinery attaining its full production capacity of 650,000 barrels per day.
“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 noted that the refinery’s capacity to supply up to 75 million litres of Premium Motor Spirit daily marks a transformative moment for Nigeria and the African continent.
Otedola also 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 include the production of 2.4 million tonnes of polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene for detergent manufacturing.
He described the development as a milestone for Nigeria’s economic growth and a historic achievement for the country.
