Dangote Targets NYSE Listing, 1.4mbpd Refinery Capacity Development With IPO Proceeds

The president and chief executive of Dangote Industries Limited, Aliko Dangote, has disclosed plans to expand the Dangote Petroleum Refinery’s capacity from 700,000 barrels per day (bpd) to 1.4 million bpd, with proceeds from its ongoing Initial Public Offering (IPO) expected to support the expansion.

Dangote also revealed that the refinery plans to list on the New York Stock Exchange (NYSE) after completing the next phase of its expansion, to deepen access to international capital and attract global investors.

Speaking in an interview with Bloomberg Television, Dangote said the ongoing IPO was not merely a capital-raising exercise but part of a broader strategy to democratise ownership of strategic African assets and create long-term wealth.

He explained that the public offering would provide ordinary Africans and institutional investors with an opportunity to become shareholders in the refinery, which he described as a transformative industrial project reshaping Africa’s energy landscape.

Dangote said the planned expansion would position the refinery among the largest refining complexes globally while significantly strengthening Africa’s capacity to meet its energy needs through local production.

He added that the refinery’s expansion formed part of the Dangote Group’s broader commitment to Africa’s industrialisation, economic self-sufficiency and sustainable development.

“For decades, Africa’s most strategic assets have been owned by a limited group of investors.

Through this IPO, we are creating an opportunity for millions of Africans to become part-owners of a transformative business that is changing the energy landscape of the continent. It is about creating value, expanding prosperity, and building generational wealth for our people,” Dangote said.

The Dangote Group president said the refinery was conceived as an African solution to the continent’s longstanding energy challenges, particularly its dependence on imported petroleum products.

He noted that the Group remained focused on building industries that would create jobs, stimulate foreign exchange earnings, strengthen local production and drive sustainable economic development across Africa.

On investor confidence, Dangote said the strong demand recorded during the refinery’s private placement reflected domestic and international confidence in the project’s future.

He explained that the company deliberately limited the amount raised through the private placement to encourage broader ownership and enable more Africans to participate in the refinery’s growth.

Dangote maintained that Africa possessed the resources, talent and market potential to compete with leading global economies, stressing that industrialisation remained critical to achieving sustainable prosperity.

He said investments in refining, petrochemicals, cement, fertiliser and manufacturing would continue to play a significant role in driving Africa’s economic transformation.

The ongoing Dangote Petroleum Refinery IPO, described as the largest public share offering in Africa’s history, has attracted interest from investors, policymakers, market analysts and development institutions, with the offering expected to mark a significant milestone for Nigeria’s capital market and the continent’s industrial development.