Dangote Refinery IPO Could Trigger Historic Surge in Nigeria’s Stock Market
Dangote Refinery IPO Could Trigger Historic Surge in Nigeria’s Stock Market
Dangote Refinery IPO Could Trigger Historic Surge in Nigeria’s Stock Market
Nigeria’s capital market may be on the brink of a historic expansion as plans advance for the public listing of Aliko Dangote’s $20 billion refinery on the Nigerian Exchange (NGX).
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Economist Bismarck Rewane says the anticipated initial public offering (IPO) could more than double the current market capitalization from about $74 billion (₦105 trillion) to over $140 billion (₦200 trillion), marking one of the most significant developments in the country’s financial history.
The 650,000-barrel-per-day Dangote Refinery, located near Lagos, has already transformed Nigeria’s fuel supply landscape by reducing dependence on imports and strengthening domestic production.
The proposed IPO will open ownership to both institutional and retail investors, giving everyday Nigerians the opportunity to hold shares in Africa’s largest refinery, while Dangote Group is expected to retain a controlling stake of between 65 and 70 percent.
According to projections, the refinery could generate annual export revenues of up to $6.4 billion from petrochemical products. Plans also include naira-denominated share purchases alongside dollar-based dividend payouts, a structure aimed at attracting both local and foreign investors.
David Bird, the refinery’s British chief executive who assumed office in August 2025, confirmed that financial advisers are intensifying preparations ahead of the listing, with April expected to be a peak period for IPO-related activities.
Market analysts believe the listing could deepen liquidity, boost investor confidence, and reposition Nigeria as a major destination for large-scale industrial investment in Africa.
Dangote Refinery IPO Could Trigger Historic Surge in Nigeria’s Stock Market
