Dangote Refinery to launch Africa's biggest IPO amid expansion plans
The Dangote Refinery in Nigeria will debut its shares on Monday, marking the largest initial public offering ever on an African exchange.
On Monday, the Dangote Refinery will list its shares, creating the largest IPO ever recorded on an African stock market. The facility, launched in 2024 and owned by Africa’s wealthiest individual Aliko Dangote, is planning a capacity boost to 1.4 million barrels per day by installing a second crude distillation unit, a move that would surpass Reliance Industries’ Jamnagar Refinery. Currently the biggest single-unit refinery worldwide, the plant has already driven a seven-fold rise in Nigeria’s petroleum product exports since 2023, according to the US Energy Information Administration.
A leading Nigerian economist projects the refinery could double Nigeria’s GDP to about $600 billion by 2030. Investment bank FirstCap, which is handling the offering, expects medium-term demand to stay robust thanks to Europe’s shift away from Russian fuels and continued consumption in West Africa.
Why it matters
The IPO could unlock massive capital for Africa’s biggest refinery, reshaping regional energy markets and boosting Nigeria’s economy.
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