President of the Dangote Group, Aliko Dangote, has disclosed that the company plans to launch the long-anticipated initial public offering (IPO) of the Dangote Refinery in September, amid strong investor appetite estimated at nearly $2 billion.
Dangote made the announcement during an investors’ engagement session in Lagos, where he said preparations for the listing were already at an advanced stage. According to him, the move is intended to broaden ownership of the refinery and deepen participation in Nigeria’s energy sector.
He noted that interest from both local and foreign investors has exceeded expectations, with preliminary commitments approaching the $2 billion mark ahead of the public offer.
“The response so far has been encouraging. Investor demand is close to $2 billion, which reflects confidence in the refinery’s long-term potential and Nigeria’s industrial future,” Dangote said.
The refinery, regarded as Africa’s largest single-train petroleum processing facility, has become a major focus of Nigeria’s efforts to reduce dependence on imported fuel and strengthen domestic refining capacity.
Industry analysts say the planned IPO could rank among the biggest listings in Nigeria’s capital market history, potentially attracting institutional investors, pension funds and retail shareholders seeking exposure to the downstream oil sector.
Dangote explained that opening the company to public investment would improve transparency, strengthen corporate governance and provide additional capital for expansion and operational efficiency.
Market experts believe the listing could also boost activity on the Nigerian Exchange Group by increasing market capitalization and investor confidence.
The refinery, located in Lagos, has gradually ramped up production since commencing operations, supplying petrol, diesel, aviation fuel and other refined petroleum products to both local and export markets.
Economists say the project could help conserve foreign exchange by reducing fuel importation and improving Nigeria’s trade balance. However, they also noted that sustained profitability would depend on stable crude supply, pricing policies and operational performance.
The IPO announcement comes amid growing interest in Nigeria’s energy and manufacturing sectors as investors seek opportunities tied to infrastructure and industrial development.
Dangote reaffirmed the company’s commitment to supporting economic growth, adding that the refinery was designed to transform Africa’s energy landscape and position Nigeria as a major refining hub on the continent.
