Dangote Refinery’s full production could ease dollar demand and push the naira below N1,000 per dollar.
Billionaire investor Femi Otedola has projected that the naira may strengthen to below N1,000 per dollar before year-end, citing Dangote Petroleum Refinery’s achievement of full operational capacity.
In a post on X, Otedola said the refinery’s ability to supply up to 75 million litres of petrol daily would significantly reduce Nigeria’s reliance on imported fuel. “With domestic refining now firmly underway… pressure on the foreign exchange market should ease significantly,” he wrote, adding that trading below N1,000/$1 is “within reach.”
The refinery, located in Lagos, is designed to process 650,000 barrels per day and has begun performance validation tests. Nigeria has historically spent billions importing fuel, straining foreign reserves. Otedola also revealed a planned $12 billion expansion to boost capacity to 1.4 million barrels per day, including petrochemical production, potentially further reducing dollar demand.
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