Dangote Refinery Set for Stock Exchange Listing Soon

The Dangote Group has revealed plans to list its multibillion-dollar refinery on the Nigerian Stock Exchange in the near future, paving the way for Nigerians to own shares in one of the country’s most transformative industrial projects. The company said the move would strengthen transparency, broaden ownership, and invite public participation in the operation of the refinery, which has been described as a “national asset” by Africa’s richest man, Aliko Dangote.

Speaking at the 2025 Inaugural Downstream Petroleum Week, Dangote’s representative, Aliyu Suleman, confirmed that the listing process is already being considered as part of the company’s broader expansion and industrialisation strategy. He emphasized that the decision would give Nigerians the opportunity to participate in the success of the refinery while dispelling concerns that the company’s dominance in the sector might discourage competition. According to him, the listing would instead stimulate confidence in local investment and encourage other players to invest in large-scale projects.

The planned listing has been long anticipated. Reports earlier in the year indicated that Dangote intended to take both the refinery and its fertilizer subsidiary public before the end of 2026. The initiative is seen as a strategic step to diversify the company’s investor base and raise additional capital for future expansion. Industry analysts view the listing as a potential game-changer for Nigeria’s energy and financial markets, given the scale of the refinery and its pivotal role in the nation’s oil and gas landscape.

Located in the Lekki Free Trade Zone near Lagos, the Dangote Refinery is one of the world’s largest single-train refineries, capable of processing up to 650,000 barrels of crude oil per day. Since commencing operations, the facility has started producing diesel and aviation fuel, with projections suggesting that it can meet Nigeria’s entire domestic demand while exporting excess capacity to neighbouring countries. The refinery’s operations are expected to significantly reduce Nigeria’s dependence on imported petroleum products, saving the country billions of dollars in foreign exchange annually.

Aliko Dangote has repeatedly stated that the refinery’s success represents more than a corporate achievement—it is a milestone in Nigeria’s industrial self-reliance. He insists that listing the refinery is not just a financial transaction but a patriotic move that allows ordinary citizens to share ownership in a project of national significance. Dangote also downplayed concerns that the refinery would become a monopoly, stressing that the company welcomes competition and believes more private investors should be encouraged to build similar facilities to strengthen the nation’s refining capacity.

Despite the optimism surrounding the planned listing, the refinery has faced operational and economic challenges. Earlier in 2025, Dangote Industries announced a temporary suspension of fuel sales in the local currency due to difficulties arising from the requirement to purchase crude oil in U.S. dollars. The decision highlighted the impact of Nigeria’s foreign exchange volatility on industrial operations and exposed the risks faced by investors dependent on fluctuating currency rates.

Additionally, the refinery has been embroiled in a labor dispute that has attracted national attention. The Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) recently ordered a halt in crude and gas supplies to the refinery, citing the dismissal of local workers and their alleged replacement with foreign nationals. The union accused the company of unfair labor practices, leading to threats of further industrial action that could disrupt refinery operations. Analysts have warned that such disputes, if unresolved, could dampen investor confidence ahead of the refinery’s planned stock exchange debut.

Financial experts have also noted that Dangote Industries continues to grapple with credit and liquidity pressures. In August 2024, Fitch Ratings downgraded the company’s credit outlook, citing challenges linked to currency devaluation and the strain of servicing dollar-denominated debt. These concerns underline the financial complexities of running large-scale industrial projects in Nigeria’s current economic environment and could influence investor perception as the listing approaches.

Nevertheless, the listing of the Dangote Refinery on the Nigerian Stock Exchange is expected to inject fresh energy into the capital market and attract both local and international investors. It would be one of the largest listings in the country’s history, comparable to the public offerings of blue-chip companies like MTN Nigeria and Airtel Africa. The inclusion of such a major industrial entity on the exchange would not only boost market capitalization but also encourage greater participation from institutional and retail investors.

Beyond the financial implications, the refinery’s listing carries symbolic weight. It signals the possibility of ordinary Nigerians owning a piece of one of the continent’s most ambitious industrial ventures. By opening up its ownership structure, Dangote Group aims to democratize access to wealth creation and strengthen public trust in the country’s private sector-led development model. Economists argue that this could foster a culture of shared prosperity and inspire similar listings by other large conglomerates.

If executed successfully, the Dangote Refinery’s listing will mark a new chapter in Nigeria’s economic history. It will demonstrate that large-scale industrial enterprises can thrive under public scrutiny and offer ordinary citizens a stake in national progress. While challenges such as labor tensions, currency instability, and regulatory hurdles remain, the proposed listing underscores Dangote’s long-term confidence in Nigeria’s market potential and its industrial future.

As preparations continue, all eyes are on the next steps—particularly how the company and regulators will navigate the process to ensure transparency, fairness, and investor protection. For now, Dangote’s announcement has reignited optimism within the business community, signalling that one of Africa’s biggest industrial players is ready to share its success story with the Nigerian people.