Dangote Pushes African Refining, Eyes Public Share Offer

Africa’s largest refinery, the $20 billion Dangote Refinery in Lekki, Lagos, is preparing to open its equity to Nigerian investors. Speaking at a recent regional energy conference in Abuja, Alhaji Aliko Dangote revealed plans to list the refinery, allowing citizens and institutions to acquire ownership stakes.

Dangote emphasized the need for African countries to refine the petroleum products they consume locally, highlighting the refinery’s readiness to collaborate with governments and private partners across the continent.

In addition to its refining capacity, the company is investing heavily in liquefied petroleum gas production—currently generating 2,500 tonnes daily—to promote cleaner cooking practices in Nigerian households.

Responding to concerns about market dominance, Dangote rejected monopoly claims and called for more domestic investment in refining. “We’ve chosen to stay in Nigeria and invest in its economy, unlike others who criticize from afar while channeling capital abroad,” he stated. He urged the government to support additional players interested in establishing refineries to build a competitive downstream sector.