Aliko Dangote, Africa's richest man and president of Dangote Group, has warned that the naira could depreciate further to between N1,000 and N1,100 against the US dollar in 2026 if urgent structural reforms are not implemented.

In a wide-ranging interview published on February 2026, Dangote attributed the persistent weakness of the naira to Nigeria's heavy reliance on imported goods, low domestic production capacity, and insufficient foreign exchange earnings from non-oil sectors.

He explained that the current exchange rate (around N1,600–N1,650/$1 as of early 2026) is already putting immense pressure on manufacturers, importers, and ordinary citizens. Dangote predicted that without rapid increases in local refining, agriculture, manufacturing, and export diversification, the naira could slide to N1,100 or even lower next year.

Dangote reiterated his long-standing position that Nigeria must produce what it consumes and consume what it produces to achieve economic stability and reduce dependence on imports.

The warning comes amid ongoing volatility in the foreign exchange market, high inflation (above 30% in recent months), and public frustration over rising costs of living. Many economists and analysts have echoed similar concerns about the naira's trajectory if structural issues remain unaddressed.

As one of Nigeria's largest private investors, Dangote's forecast carries significant weight and has sparked renewed debate about the pace of economic reforms under the current administration.