Billionaire businessman, Femi Otedola, has expressed optimism that with the Dangote Refinery operating at full capacity of 650,000 barrels per day (bpd), the naira will trade below ₦1,000 per dollar before the end of 2026, reflecting the impact of the refinery’s operations on Nigeria’s foreign exchange market and the economy generally.
Otedola stated this while congratulating the President of the Dangote Group, Alhaji Aliko Dangote, on the recent milestone achieved by the refinery, reaching full capacity of 650,000 barrels per day for its Crude Distillation Unit (CDU) and Motor Spirit production block.
In a statement posted on his X handle on Thursday, Otedola described the achievement as “transformational” for Nigeria and Africa, adding that it has paved the way for the refinery to maintain a supply of 75 million litres of PMS daily.
This, according to him, changes the country’s energy narrative and conserves foreign exchange.
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“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,” Otedola stated.
“More importantly, it is transformational for Nigeria and Africa. Supplying up to 75 million litres of PMS daily changes our energy narrative and conserves foreign exchange.”
The billionaire philanthropist stressed that sustaining domestic refining at the refinery will end decades of reliance on fuel imports and also significantly reduce pressure on the foreign exchange market.
“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 further stated that Dangote has embarked on expanding the facility’s 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, all costing an additional $12 billion.
Victor Ezeja is a passionate journalist, scholar and analyst of socioeconomic issues in Nigeria and Africa. He is skilled in energy reporting, business and economy, and holds a master's degree in mass communication.
