Femi Otedola backs Dangote: Naira to trade below ₦1,000/$1 soon
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Billionaire Femi Otedola announced on February 13, 2026, that the Dangote Refinery’s 650,000 barrels-per-day capacity will crash the dollar rate. He predicts the naira will strengthen significantly and trade below ₦1,000 per dollar by year-end as domestic petrol production ends expensive fuel imports and saves foreign exchange.
Photo Credit: Femi Otedola / X (formerly Twitter)
Femi Otedola has sparked fresh hope for the Nigerian economy through a bold currency prediction. The business mogul linked the future strength of the naira directly to the success of the Dangote Petroleum Refinery.
His optimism follows the refinery reaching its full production capacity. Many Nigerians have long awaited this milestone to ease the persistent cost-of-living crisis across the country.
Otedola hails refinery milestone
The billionaire chairman congratulated Aliko Dangote for hitting the 650,000 barrels-per-day target. He noted that supplying 75 million litres of petrol daily completely changes the energy story of the nation.
”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.” Femi Otedola wrote.
This achievement marks a major shift after decades of Nigeria relying on imported refined products. Otedola believes this move will finally stop the heavy drain on the country’s foreign reserves.
”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 exchangez” the businessman noted.
Naira recovery and future expansion
The reduction in forex demand for fuel imports is expected to stabilise the local currency. Otedola remains confident that the naira will regain its value against the US dollar very quickly.
”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 declared.
The refinery project has faced various hurdles, including reports that Dangote cleared shrines at the site to ensure the massive construction could proceed. These efforts now seem to be paying off for the industrialist and the nation.
Beyond fuel, Dangote is already investing $12 billion more to boost capacity to 1.4 million barrels daily. This expansion includes facilities for detergent production and polypropylene.
”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.” the billionaire added.
This public show of support reflects the close bond between the two tycoons. It mirrors the warmth seen when Otedola praised daughter DJ Cuppy after receiving a luxury gift from his daughter recently.
”Congratulations once again, my brother. Nigeria is proud of you 🏭 🙌🏾… F.Ote $” he wrote.
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