Africa’s wealthiest man and President of the Dangote Group, Alhaji Aliko Dangote, has announced plans to list his group’s fertiliser and refinery companies on the Nigerian Exchange (NGX), in a move aimed at expanding public participation in some of the continent’s largest industrial assets.
Speaking at the Afreximbank Annual Meetings in Abuja on Friday, Dangote revealed that Dangote Fertiliser will go public before the end of 2025, while the much-anticipated Dangote Refinery will follow with a listing in 2026.
The listings are expected to enhance transparency, widen ownership, and deepen the Nigerian capital market, which has long awaited the inclusion of the refinery — a $19 billion mega-project — into the exchange.
Largest Industrial Ventures in Africa
The Dangote Fertiliser Plant, located in the Lekki Free Trade Zone, is the largest of its kind in Africa, with a production capacity of 3 million metric tonnes of urea per year. The plant began operations in 2021 and currently serves both domestic and export markets.
Meanwhile, the Dangote Refinery, with a capacity of 650,000 barrels per day, is regarded as the largest single-train refinery in the world. It is projected to meet 100% of Nigeria’s refined petroleum needs and produce surpluses for export. The refinery commenced limited production in early 2024 and is set to ramp up to full capacity by 2025.
Once listed, these two companies will join Dangote Cement on the Nigerian Stock Exchange — already one of the most capitalised entities on the bourse — offering investors greater access to the conglomerate’s diverse portfolio.
Advocating for African Capital in Africa
During his speech, Dangote took a firm stance against the trend of capital flight from Africa, urging African investors to commit their resources to local projects that drive inclusive growth.
“Africa is being held back because capital — both legitimately and illegitimately earned — is often taken abroad instead of being reinvested here,” he said. “We must begin to invest our wealth at home. This is how Asian economies like China and India transformed themselves.”
Dangote argued that building strong, self-sufficient economies on the continent requires investment in local production and infrastructure, not continued reliance on imports and foreign financing.
Dangote also used the platform to urge African leaders to discourage the export of raw minerals and instead promote domestic processing and manufacturing.
“We must stop exporting raw materials like lithium and bauxite,” he said. “By processing them locally, we create jobs, increase national income, and build stronger economies.”
He encouraged governments to adopt policies that support industrialisation, protect local manufacturers, and promote intra-African trade under frameworks like the African Continental Free Trade Area (AfCFTA).
Financial analysts have welcomed the news, saying the listings could be a major boost to investor confidence and attract more institutional interest in the NGX.
“This is a watershed moment for the Nigerian capital market,” said Babatunde Ajayi, an equity strategist at ARM Securities. “Listing the refinery and fertiliser companies gives the investing public access to the heart of Nigeria’s industrial transformation.”
With the fertiliser plant already in operation and the refinery nearing full-scale production, the move positions Nigeria as a growing hub for industrial capital in sub-Saharan Africa.
In Dangote’s words: “If we don’t take responsibility for building Africa, no one else will do it for us.”
Leave a Reply