Dangote Announces Plans to List Refinery on Stock Exchange, Empowering Nigerians to Become Shareholders

In a landmark announcement poised to reshape Nigeria’s energy and investment landscape, industrialist Aliko Dangote has revealed plans to list the Dangote Refinery on the Nigerian Stock Exchange, offering citizens a direct opportunity to own a stake in Africa’s largest oil refinery.

Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, Dangote emphasized the transformative potential of the listing. The high-profile event was co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Commodity Insights, drawing industry leaders, policymakers, and investors from across the continent.

“This is about inclusion,” Dangote declared. “Very soon, the refinery will be listed to give all Nigerians—regardless of income or background – the chance to become shareholders in this national asset.

We are open to partnerships with African governments, private investors, and regional institutions. Our vision is simple but ambitious: Africa should refine all the petroleum products it consumes right here on African soil.

The Dangote Refinery, located in Lekki Free Trade Zone, Lagos, is a US$19 billion mega-project with a planned capacity of 650,000 barrels per day. Since its commissioning, it has significantly reduced Nigeria’s dependence on imported refined petroleum products and is now a cornerstone of the country’s industrial transformation.

Dangote also highlighted the company’s growing role in promoting clean energy access, particularly through its liquefied petroleum gas (LPG) production. With a daily output of 2,500 metric tons – the largest in sub-Saharan Africa—the refinery is driving a national shift toward cleaner, safer cooking alternatives.

“Our LPG investment is not just about profit – it’s about people,” Dangote said. “We are working to encourage more households across Nigeria to adopt LPG and reduce reliance on firewood and kerosene. This is just the beginning.”

A Vision for African Energy Independence and Inclusive Growth

The announcement comes amid growing scrutiny over the refinery’s logistics operations. Recently, the Nigerian Shipowners’ Association raised concerns that foreign vessels – particularly from Angola – are being used to transport crude oil and refined products, rather than Nigerian-owned ships. Dangote addressed the issue head-on, reaffirming his commitment to local economic development.

“We have chosen to bet on Nigeria, and we will continue to do so,” he asserted. “But we must protect our nascent manufacturing base.

We cannot allow predatory dumping to undermine our industries, as we have seen in textiles and other sectors.”

Dangote called on the NMDPRA and the federal government to foster a more enabling environment for refinery development across the country. “If others are serious about building refineries, they should be encouraged and supported.

This is not a one-company mission – it’s a national imperative. The role of regulators and policymakers is to make this possible.”

Market analysts view the planned stock listing as a pivotal step toward democratizing wealth and deepening Nigeria’s capital markets. By allowing retail investors to buy shares, the move could set a precedent for future large-scale infrastructure projects to open equity participation to the public.

As Nigeria seeks to transition from an oil-exporting nation to a value-added refining hub, the Dangote Refinery’s public listing could mark a turning point in African industrial ownership—one where everyday citizens have a tangible stake in the continent’s energy future.