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Otedola says full 650,000 bpd capacity is “transformational”
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Predicts naira could trade below ₦1,000/$ before end of 2026
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Refinery expansion to 1.4 million bpd already underway
Billionaire businessman Femi Otedola has projected that the naira could strengthen to trade below ₦1,000 to the US dollar before the end of 2026, following the Dangote Petroleum Refinery reaching its full production capacity of 650,000 barrels per day (bpd).
Otedola made the statement in a post on X on Thursday while congratulating Aliko Dangote on the refinery milestone.
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The naira has shown signs of recovery in recent weeks, trading around ₦1,354/$ at the official foreign exchange market and approximately ₦1,430–₦1,440/$ at the parallel market — its strongest levels in over two years, according to market sources.
Otedola described the refinery’s full-scale operation as “transformational for Nigeria and Africa,” noting its capacity to supply up to 75 million litres of Premium Motor Spirit (PMS) daily.
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“With domestic refining now firmly underway after decades of reliance on imports, pressure on the foreign exchange market should ease significantly,” he stated.
“I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach.”
Beyond the current capacity, Otedola disclosed that Dangote is embarking on an additional $12 billion expansion project to increase refining capacity to 1.4 million barrels per day.
The expansion also includes plans to produce: 2.4 million tonnes of polypropylene
400,000 metric tonnes of linear alkyl benzene, a key ingredient in detergents
According to Otedola, work on the expansion has already commenced.