President of the Dangote Group and Africa’s richest man, has announced that Nigerians will soon have the opportunity to own shares in his $20 billion refinery, a landmark move to democratize investment in Africa’s largest oil refinery. Speaking at the Global Commodity Insights Conference on West African Refined Fuel Markets in Abuja, hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights, Dangote revealed plans to list the refinery on the Nigerian Exchange Limited (NGX).
“Very soon, the refinery will be listed to give all Nigerians the opportunity to become shareholders,” Dangote stated. “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 the soil of Africa.”
The Dangote Refinery, located in Lekki, Lagos, is the world’s largest single-train refinery with a capacity of 650,000 barrels per day. Since commencing operations in early 2024, it has ramped up production to 500,000 barrels daily as of early 2025, with plans to expand to 700,000 barrels by Q4 2025. The refinery, which began fuel rollout in September 2024, has already reduced fuel prices twice and is set to distribute petrol and diesel directly to consumers starting August 15, 2025.
Dangote’s announcement comes amid his push to reduce Nigeria’s reliance on imported fuel, which cost the country $26 billion in 2022 alone. The refinery is expected to meet 100% of Nigeria’s petroleum needs and generate surplus for export, potentially earning $11 billion annually. However, challenges persist, including tensions with regulators and allegations of sabotage by oil importers. Dangote has accused a powerful “oil mafia” of obstructing local refining efforts to protect their import profits.
The listing on the NGX is anticipated to attract individual and institutional investors, including sovereign wealth funds, fostering shared ownership of Nigeria’s energy infrastructure. Dangote also encouraged other investors to build refineries, urging the NMDPRA and government to support such initiatives to bolster the sector.
This move is seen as a game-changer for Nigeria’s economy, with Dangote’s net worth nearing $29 billion, driven by his 92.3% stake in the refinery and gains in Dangote Cement and Dangote Sugar. As the refinery expands and listings for both the refinery and his $3 billion fertilizer plant loom, Dangote’s vision for a self-sufficient African energy market is gaining momentum.
Stay tuned for updates as this story develops.