Africa’s richest man, Aliko Dangote, is moving forward with long-anticipated plans to list two of his industrial giants—Dangote Oil Refinery and Dangote Fertiliser Limited—on the Nigerian stock market.
Although the idea has circulated for some time, recent developments suggest definitive timelines have now been set, particularly for the refinery.
Dangote recently announced that his $20 billion oil refinery will be listed on the Nigerian Exchange (NGX) by the end of 2026.
During a visit by capital market stakeholders to the company’s facilities, he also revealed that Dangote Fertiliser Limited is on track for a public listing.
The announcement has drawn strong support from key capital market players and the Nigerian Exchange Group, who are eager to facilitate the listings and boost investor participation.
The financial prospects of the fertilizer company were outlined by the Group CEO, who noted the plant’s significant revenue potential.
The facility, which is also slated for expansion, is projected to generate $20 million in daily revenue.
“With daily revenues expected to reach $20 million and a long-term earning potential of up to $70 billion, this listing presents investors with the opportunity for dollar-denominated returns and lasting value,” he stated.
Temi Popoola, Group Managing Director and CEO of the NGX Group, emphasized the market’s capacity to support such large-scale initiatives.
“In 2024 alone, Nigerian investors deployed over N2 trillion into the banking sector. With the listing of Dangote Fertiliser, we are positioned to replicate this success by providing the necessary infrastructure and liquidity to drive industrial growth,” Popoola said.
Jude Chiemeka, CEO of Nigerian Exchange Limited, added that the move would highlight the Exchange’s ability to attract transformative listings.
“This listing will demonstrate NGX’s capability to execute large-scale, high-impact deals. Our market’s depth, transparency, and diverse investor base provide a solid platform for success,” Chiemeka affirmed.
The listing is part of a broader strategy by Dangote to accelerate Africa’s industrial and economic transformation.
He also revealed plans to expand the $2.5 billion fertilizer facility to further increase production capacity, improve agricultural self-sufficiency, and reduce the continent’s reliance on imported fertilizer.
Currently, Africa imports more than 6 million metric tons of fertilizer annually—a dependency that raises costs, hinders productivity, and exposes farmers to global supply shocks.
In contrast, Dangote Fertiliser, one of the world’s largest plants, already has a production capacity of 3 million metric tons of urea per year.
According to Dangote, around 37% of the company’s urea output is exported to the United States, highlighting the facility’s global reach and importance.
Afreximbank’s 2021 trade data underscores Africa’s growing role in fertilizer trade. The continent exported $8.9 billion worth of fertilizer that year—more than double the $3.7 billion it imported.
Morocco and Egypt together accounted for $6.23 billion, over 70% of Africa’s total fertilizer exports, signaling North Africa’s rising dominance in the global supply chain.
With both the refinery and fertilizer plant set for public listings, Dangote’s industrial empire is poised to not only reshape Nigeria’s economic landscape but also strengthen Africa’s position in the global commodities market.
