Alhaji Aliko Dangote, President of the Dangote Group and Africa’s richest man, has announced that Nigerians will soon have the opportunity to own shares in his $20 billion Dangote Petroleum Refinery. He made this disclosure during the Global Commodity Insights Conference on West African Refined Fuel Markets organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in collaboration with S&P Global Insights in Abuja.
Speaking at the event, Dangote stated that plans are underway to list the refinery on the Nigerian Exchange, thereby enabling Nigerians to become shareholders in one of the continent’s most significant industrial projects. According to him, “Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders. We are open to partnerships with African governments, private investors, and regional institutions. It’s important to list the refinery so that people will not be calling us a monopoly. Once it is listed, everyone can participate and own a piece of it.”
Although earlier projections targeted a listing in early 2025, Dangote later explained that the refinery’s public offer may now take place by late 2026 to ensure operational stability and readiness. In the meantime, Dangote also confirmed that his fertilizer company would be listed by the end of 2025, setting the stage for a wider participation of Nigerians in his conglomerate’s ventures.
Market analysts and financial experts view this move as transformative. The listing of the refinery is expected to democratize ownership, provide an avenue for wealth creation, and significantly boost liquidity in Nigeria’s capital market. Analysts estimate that including the refinery on the exchange could add trillions of naira to the Nigerian Exchange’s market capitalization, reinforcing investor confidence in Africa’s largest economy.
The announcement also comes amid growing public debate over Dangote Refinery’s dominant position in the downstream oil sector. The planned public listing is seen as a strategic move to dispel monopoly concerns by opening up ownership to a wide base of shareholders, including retail investors, institutions, and even foreign stakeholders.
The Dangote Refinery, located in the Lekki Free Zone near Lagos, was inaugurated in May 2023. It is the largest single-train refinery in the world, with a processing capacity of 650,000 barrels per day. It produces petrol, diesel, aviation fuel, and petrochemical feedstocks aimed at reducing Nigeria’s dependence on imported refined products. Production began in phases with diesel and jet fuel in late 2023, followed by petrol in 2024. As of mid-2025, output had reached around 500,000 barrels per day, with full capacity targeted for early 2026.
Despite its scale and promise, the refinery has faced several challenges, including delays caused by crude supply shortages, cost overruns, and a volatile foreign exchange environment. However, Dangote emphasized that his long-term vision remains unchanged: to create a refinery that not only meets Nigeria’s energy needs but also exports refined products to other African nations.
By offering Nigerians a chance to invest directly in the refinery, Dangote aims to transform it from a privately owned enterprise into a shared national asset. This move is expected to strengthen Nigeria’s capital markets, empower citizens through shareholding, and foster broader participation in one of the country’s most strategic energy ventures.
As Nigeria continues to pursue energy independence and economic diversification, the listing of the Dangote Refinery represents a pivotal step. It is anticipated to open a new chapter in Nigeria’s industrial growth and give millions of citizens a stake in the country’s most ambitious private-sector project.
