The Nigerian Exchange Group (NGX) is doubling down on its push to list two of Aliko Dangote’s industrial giants – the massive Dangote Petroleum Refinery and Dangote Fertiliser Limited – in what analysts say could transform Nigeria’s energy and agricultural sectors.
The move comes as Africa’s richest man confirms plans to take his fertiliser business public, a decision he says will “redefine Nigeria’s capital markets” by tethering the listing to dollar-denominated earnings.
NGX Group Chairman Dr. Umaru Kwairanga made the case during a high-profile tour of the sprawling refinery complex, calling it “a turning point for Nigerian industry.” He argued that listing these assets would boost transparency, strengthen market confidence, and give retail investors unprecedented access to national infrastructure projects.
Dangote revealed staggering projections: his fertiliser business expects to generate $20 million daily within three to four years, with cumulative revenues potentially exceeding $70 billion. Shareholders could see $3-4 billion in dividends during that period.
“We don’t think in small numbers,” Dangote said, confirming expansion plans for fertiliser production. Crucially, he emphasised the dollar-based model protects investors from naira volatility – a major selling point for foreign and local investors alike.
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The 650,000-barrel-per-day refinery has already reduced Nigeria’s fuel imports by 60% and begun exporting to global markets. Dangote Group VP Edwin Devakumar called the project “an engineering marvel,” noting the company handled all construction without traditional external contractors – unprecedented for a project of this scale.
Kwairanga highlighted Dangote’s history of market-moving listings, from cement to sugar, that have boosted NGX liquidity. With these new listings, Nigeria could see its largest-ever infusion of industrial assets into the public markets.
The visit by NGX CEO Temi Popoola and CSCS MD Haruna Jalo-Waziri signals strong institutional support. As one analyst noted: “This isn’t just about Dangote – it’s about proving Nigeria’s capital markets can fund transformational projects.”
With the refinery already operational and fertiliser expansion underway, these listings may come sooner than many expect, potentially before the 2025 year-end. Market watchers anticipate record-breaking investor demand when Africa’s largest industrial conglomerate goes public.
