Aliko Dangote, President of the Dangote Group, has announced plans to list his $20 billion oil refinery on the Nigerian Stock Exchange by the end of 2026. Situated just outside Lagos, the refinery is Africa’s largest and has the capacity to process 650,000 barrels of crude oil per day, producing aviation fuel, naphtha, diesel, and gasoline.
The listing aims to expand the company’s investor base and address concerns over market dominance in Nigeria’s energy sector. Dangote explained, “It’s important to list the refinery so that people will not be calling us a monopoly… They will now say we have shares, so let everybody have a part of it.”
In addition to the refinery, Dangote plans to list his urea plant later this year. The facility produces 2.8 million tons of fertilizer annually, and its expansion could make Africa self-sufficient in fertilizer within 40 months. The $2.5 billion plant is also located on the outskirts of Lagos.
Dangote Group projects $30 billion in annual revenue by 2026 and is targeting global leadership in urea exports, aiming to surpass Qatar within four years. Currently, 37% of the plant’s output is exported to the United States.
The planned listing is seen as a major step toward enhancing transparency, offering Nigerians and global investors the opportunity to participate in Africa’s largest industrial project. It is also expected to improve capital access, boost operational accountability, and strengthen investor confidence.
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