Naira’ll trade below N1,000/$ before end of 2026 ― Otedola

The Chairman of First HoldCo, Femi Otedola, says strengthening of domestic refining capacity, led by the Dangote Petroleum Refinery, will ease pressure on Nigeria’s foreign exchange market and support a stronger naira trading in the coming months.

The Dangote refinery had, in a statement on Wednesday, announced that the plant is now working at full capacity of 650,000 barrels per day (bpd).

Speaking on the development via statement issued on Thursday, February 12, 2026, Otedola said the commencement of large-scale domestic fuel production would significantly reduce Nigeria’s dependence on imported petroleum products.

He noted that the Dangote refinery’s attainment of its full processing capacity of 650,000 barrels per day would help conserve foreign exchange by cutting the volume of dollars required for fuel imports.

The business mogul stated: “I congratulate my friend and brother, AlikoDangote, on the remarkable achievement of the Dangote Petroleum Refinery reaching its full 650,000 barrels per day capacity.

Dangote refinery’s production block hits 650,000bpd capacity

“More importantly, it is transformational for Nigeria and Africa. Supplying up to 75 million litres of PMS daily changes our energy narrative and conserving foreign exchange.

“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 also disclosed that Dangote Group has commenced an additional $12 billion expansion programme aimed at increasing refining capacity to 1.4 million barrels per day, alongside new petrochemical projects, including 2.4 million tonnes of polypropylene and 400,000 metric tonnes of Linear Alkyl Benzene for detergent production.

Otedola added: “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.”

The Star