The Dangote Refinery will go public on the Nigerian Exchange Group within five months, according to its chief executive, Aliko Dangote. The planned listing is expected to boost liquidity and deepen foreign and domestic investor participation in Nigeria’s capital markets.
Africa’s largest oil refinery, operating for just over a year, is expanding capacity to 1.4 million barrels per day – roughly double its current output. Dangote said Nigerian investors will be able to purchase shares now held by the state-owned Nigerian National Petroleum Company (NNPC) within “four to five months.”
The NNPC was an early backer of the US$20 billion project during construction. Dangote first announced plans for a public listing in July 2025.
The offering comes amid a rally in Nigerian equities. The Nigerian Exchange recently surpassed a market capitalization of US$84 billion, nearly 60 percent higher than in January 2024, aided by a weaker dollar and renewed investor interest in frontier markets.
The refinery’s listing marks a pivotal moment for Nigeria’s energy sector and capital markets, potentially reshaping Africa’s largest economy and reducing reliance on imported refined fuels.
