Africa’s richest man, Aliko Dangote, said on Thursday that the initial public offering for his Nigerian oil refinery will open in the next 10 to 12 days, with ambitions to raise around $5 billion in what could become the continent’s largest IPO.
Speaking to investors and analysts during a visit to Botswana, Dangote outlined plans to double the facility’s capacity to 1.4 million barrels per day. The 650,000-barrel-per-day plant, which reached full nameplate capacity in February and has already tested production at 700,000 barrels per day, is a flagship project of the Dangote Group. The refining sector has seen stronger profits amid Middle East tensions that increased demand for alternative fuel supplies, though the company does not disclose its margins.
Dangote also indicated that a secondary listing of Dangote Cement on the London Stock Exchange is most likely in October, a step expected to improve access to international capital. Separately, the group plans to launch a new refinery project on Kenya’s coast on September 30 in partnership with East African governments. The facility, which could take up to three years to complete, would supply refined products to Kenya and neighbouring countries and represents Dangote Group’s largest refining investment outside Nigeria.
In related developments, International Energy Agency Executive Director Fatih Birol said Nigeria’s recent admission as an associate member could help double energy-sector investment in the country within five years. Speaking in Abuja, Birol described Nigeria as a credible energy supplier whose resource base and shifting global trade patterns position it to attract capital from governments and private investors seeking reliable partners. He noted that “the most scarce commodity is not oil, not gas, not uranium, not lithium. It is trust,” and pointed to exports from the Dangote refinery as having helped ease fuel-supply pressures in Europe in recent months.
Nigeria, Africa’s top oil producer, aims to raise output to nearly 3 million barrels per day by 2030. It is counting on sector reforms, infrastructure improvements and better security against oil theft to reverse years of underinvestment. The country became an IEA associate member in July after unanimous approval by member states including the United States, Germany, Italy and Japan. Birol said the status would deepen technical cooperation and give Nigeria a stronger voice in global energy discussions while supporting opportunities across oil, gas and renewables, particularly solar.
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