In a groundbreaking move that signals a new era of industrial inclusivity, Africa’s richest man and President of the Dangote Group, Alhaji Aliko Dangote, has announced plans to list his $20 billion refinery, offering ordinary Nigerians the opportunity to become shareholders in the world-class facility.
Dangote made this known while speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets, organized in Abuja by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) in collaboration with S&P Global Insights.
"Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders," Dangote stated, drawing applause from industry leaders and government officials present. “We are open to partnerships with African governments, private investors, and regional institutions. Our vision is simple but ambitious.”
This move, industry experts say, will not only democratize wealth creation in Nigeria but also encourage increased public investment in indigenous mega-projects. By listing the refinery on the Nigerian Exchange (NGX), Dangote is setting the stage for widespread economic participation in the downstream petroleum sector.
The Dangote Refinery, with a production capacity of 650,000 barrels per day, is currently the largest single-train refinery in the world. Located in the Lekki Free Trade Zone in Lagos, the refinery is expected to meet 100% of Nigeria’s refined petroleum product needs, with excess capacity for export.
The announcement also aligns with the Federal Government’s push for private sector-led growth and energy self-sufficiency under the Renewed Hope Agenda.
Market analysts view the proposed listing as a strategic move that could boost investor confidence, deepen the Nigerian capital market, and promote greater transparency in the operations of the refinery.
If successfully executed, the listing will be one of the largest initial public offerings (IPOs) in Nigerian history, offering millions of Nigerians the opportunity to own a stake in a critical national asset.
As excitement builds, stakeholders await further details on the timeline, share pricing, and the structure of public offerings.