By Segun Adeyanju
Nigerians may soon have the chance to own a stake in Africa’s largest refinery, as Aliko Dangote, founder of the Dangote Group, revealed plans to list the Dangote Refinery on the stock exchange.
Speaking at the Global Commodity Insights Conference in Abuja, Dangote announced that steps are being taken to allow individual and institutional investors in Nigeria to buy shares in the $20 billion refinery, offering them a slice of the country’s most ambitious industrial project.
“Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders,” Dangote said. “We are open to partnerships with African governments, private investors, and regional institutions.”
The move comes amid recent criticism of the company’s foreign shipping arrangements and alleged dominance in the fuel supply chain.
Critics have accused the conglomerate of favoring offshore players over local capacity.
In response, Dangote underscored his commitment to national growth, arguing that real economic development requires local investment and ownership.
“We have chosen to bet on Nigeria and will continue to do so. Too many who have the means to invest here prefer to take their wealth abroad,” he said.
The refinery, which began operations in January 2024 and has since ramped up production to over 220,000 barrels per day, is part of a broader effort to end Nigeria’s dependence on imported fuels.
The company is also investing heavily in logistics, including a fleet of 4,000 compressed natural gas (CNG)-powered trucks, and has plans to increase refining capacity from 650,000 to 700,000 barrels per day.
Dangote also highlighted the company’s LPG initiative, which produces 2,500 tons per day, as part of its strategy to promote clean cooking in Nigerian homes.
Listing the refinery is expected to boost transparency, attract local and global capital, and allow everyday Nigerians to directly benefit from the enterprise.
It also aligns with plans to take the refinery public on both the Lagos and London stock exchanges.
Industry observers say the upcoming share offering could be one of the most significant IPOs in Nigeria’s history, with wide-reaching implications for national investment culture and energy independence.
If successful, the public listing could mark a pivotal step in turning Nigeria’s industrial revolution into a people-powered movement, literally giving citizens a stake in the country’s most powerful economic engine.
