? What’s Announced
Listing timeline
Fertilizer plant: Dangote plans to list Dangote Fertilizer Limited on the Nigerian Exchange in 2025, likely before the end of the year.
Oil refinery: The Dangote Petroleum Refinery, Africa’s largest single-train refinery (650,000 bpd), is scheduled for listing in 2026.
?️ Fertilizer Plant Details
Location & scale: Based in Ibeju-Lekki near Lagos; constructed at a cost of $2.5 billion, it produces 3 million tonnes of urea per year, with 37% exported to the U.S. wsj.com+15reuters.com+15businessday.ng+15primebusiness.africa+6billionaires.africa+6channelstv.com+6primebusiness.africa+5thejunction.ng+5nairametrics.com+5
Expansion goal: Dangote aims to double capacity to 6 million tonnes and surpass Qatar as the world’s largest producer—targeting this within 40 months reuters.com+1billionaires.africa+1
Economic impact: Generates around $400 million in annual foreign exchange; listing enables shareholders to hedge against naira volatility
?️ Petroleum Refinery
Project overview: Inaugurated May 2023; capacity 650,000 bpd—making it the largest single-train refinery globally, built entirely by Dangote’s EPC team billionaires.africa+15en.wikipedia.org+15blueprint.ng+15
Operational ramp-up:
Diesel & jet-fuel production began late 2023.
Gasoline production started early 2024.
Output scaled to ~500,000 bpd by early 2025, with target of full 650,000 bpd by mid‑2025 wsj.combillionaires.africa
Refinery listing: Aiming for the first quarter of 2026, following the fertilizer IPO pmnewsnigeria.com+3nairametrics.com+3businessday.ng+3
? Strategic Rationale
Domestic & global investment: Enables Nigerians and foreign investors to buy into major dollar-generating assets.
Foreign exchange benefits: These dollar-earning businesses help strengthen Nigeria’s forex reserves and counter naira weakness businessday.ng+13reuters.com+13reddit.com+13qiraatafrican.com
Boost to capital markets: Listing large industrial enterprises deepens market liquidity and governance.
Economic independence: The fertilizer plant aims to eliminate African imports within 40 months; the refinery helps Nigeria transition from fuel importer to exporter.
⚠️ Challenges & Considerations
Infrastructure bottlenecks: Expansion requires strong transport and port infrastructure; delays and cost overruns are possible channelstv.com+1businessday.ng+1en.wikipedia.org+14reuters.com+14blueprint.ng+14
Refinery cost & funding: Refinery investment has ballooned to ~$20 billion, dealing with crude supply issues and fluctuating naira valuation. The NNPC’s stake stands at 7.2%, down from 20% due to nonpayment nairametrics.com+4reuters.com+4ft.com+4
✅ Bottom Line
Dangote’s planned IPOs of the fertilizer and refinery assets mark a landmark shift in Nigeria’s industrial and financial trajectory. By offering public stakes in these massive dollar-generating firms, the move:
Supports agricultural and energy self-sufficiency,
Attracts foreign investment,
Bolsters forex reserves, and
Enhances transparency in Nigeria’s capital markets.
Let me know if you’d like valuations, trial dates, or analysts’ outlooks on these IPOs.
