Speaking at the African Export-Import Bank’s annual general meeting in Nigeria’s capital on Friday, africa’s richest man, Aliko Dangote, announced plans to list his $20 billion oil refinery—Africa’s largest—on the Nigerian stock exchange by the end of 2026. This strategic move aims to expand the company’s investor base and dispel concerns about monopolistic dominance in the country’s energy sector.
The 650,000-barrels-per-day Dangote Refinery, located on the outskirts of Lagos, became operational in 2024 and already produces key fuels including aviation fuel, diesel, gasoline, and naphtha. “It’s important to list the refinery so that people will not be calling us a monopoly,” Dangote said during the African Export-Import Bank’s annual general meeting in Abuja.
“Now they will say we have shares, so let everybody have a part of it,” he added, signaling a shift toward inclusive ownership. The listing, expected via an initial public offering (IPO), could attract institutional investors such as state-owned pension funds, according to a Bloomberg report.
In a broader capital market push, Dangote also revealed plans to list his urea plant in 2025. The facility currently has an annual production capacity of 2.8 million tons and is crucial to regional agricultural transformation.
Africa imports over six million metric tons of fertiliser annually, straining foreign exchange reserves and undermining food security. Dangote’s expansion strategy promises to reverse this trend by boosting local output and reducing reliance on costly imports.
“In the next 40 months, Africa will not import fertiliser from anywhere,” Dangote declared. “We want to put Dangote to be the highest producer of urea, bigger and higher than Qatar — give me 40 months,” he added, outlining an aggressive growth trajectory.
The Dangote Urea Complex, the continent’s largest granulated facility, currently produces 3 million tons annually, with 37% exported to the United States. Doubling output will be critical to meeting his goal of overtaking Qatar in global urea production, even amid geopolitical uncertainties like Trump-era tariff threats.
The refinery and fertiliser listings represent more than just business milestones, they are strategic responses to Nigeria’s foreign exchange crisis and underperforming industrial base. As the naira remains fragile and energy demand surges, Dangote’s dual listings may signal a new era for Nigeria’s capital markets and industrial self-reliance.
