Dangote Refinery Eyes Dual Lagos-London Listing in 2026

Africa’s largest industrial project – the US$20 billion Dangote Refinery – is set to go public in 2026 with a dual listing on the Nigerian Exchange (NGX) and the London Stock Exchange (LSE), marking a pivotal moment for African energy and investment.

Announced in mid-2024, the move will offer a minority stake – roughly 10 percent – to local and international investors, enabling public participation in a facility with 650,000 barrels per day (bpd) of refining capacity. Plans include doubling output to 1.4 million bpd by 2028, funded through listing proceeds and robust export revenues.

Dividends will be paid in U.S. dollars – a strategic incentive for foreign investors – even for shares purchased in Nigerian naira – enhancing appeal amid currency volatility.

Why a dual listing?

• Market depth: The NGX alone lacks the liquidity to absorb a listing of this scale, says Devakumar Edwin, head of Dangote’s refining division.
• Global access: The LSE provides international visibility, stronger credit credibility, and a gateway to institutional capital.
• Regional expansion: The refinery aims to supply fuels across West, Central, and East Africa – and eventually Europe – positioning Nigeria as a continental energy hub.

The listing could catalyze broader reforms, potentially pressuring Nigeria’s government to privatize its aging state-owned refineries and modernize the domestic energy sector.

For investors, the Dangote offering represents a rare chance to gain direct exposure to Africa’s industrial ascent – backed by hard assets, export earnings, and a clear growth trajectory. The 2026 debut may well become a benchmark for large-scale African corporates seeking global capital.