Expect Naira Below N1,000/$1 with Dangote Refinery at Full Capacity—Otedola

By Adedapo Adesanya

Nigerian businessman, Mr Femi Otedola, has congratulated his billionaire friend, Mr Aliko Dangote, on the Dangote Refinery achieving its full nameplate capacity of 650,000 barrels per day, expressing optimism that this will further strengthen the Naira against the US Dollar in the currency market.

In an X post on Thursday, Mr Otedola described it as a transformative milestone for Nigeria and Africa, noting that the refinery’s operations could ease pressure on Nigeria’s foreign exchange reserves.

“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.

“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 N1,000/$1 before year-end is increasingly within reach,” he wrote.

Earlier today, it was reported that all key components, including the naphtha hydrotreater, isomerisation unit, and reformer unit, of the single train refinery are now operating steadily at 650,000 barrels per day. This enables the facility to produce up to 75 million litres of Premium Motor Spirit (petrol) daily, significantly boosting Nigeria’s domestic fuel supply and reducing reliance on imports.

The $20 billion refinery, Africa’s largest, began operations in 2023 and has been ramping up production amid challenges, including crude supply issues.

Mr Dangote announced plans in October 2025 to expand capacity to 1.4 million barrels per day, which would make it the world’s largest refinery, surpassing India’s Jamnagar facility.

Mr Otedola added that his best friend is investing an additional $12 billion in this expansion, including the production of polypropylene and Linear Alkyl Benzene for detergents, with work already underway.

“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,” he said.