Dangote Refinery to be listed on Nigerian Stock Exchange
By Emma Ogbuehi
The President and Chief Executive Officer of Dangote Industries Limited, Alhaji Aliko Dangote, has announced plans to list the Dangote Petroleum Refinery on the Nigerian Stock Exchange (NGX).
Speaking at a world press conference at the Dangote Refinery in Lagos on Sunday, Dangote said the decision to list the refinery is aimed at enabling ordinary Nigerians to own a stake in the company and share in the benefits of its success.
“This move will allow every Nigerian, regardless of status, to become a part-owner of the refinery and benefit from its long-term value,” Dangote said.
He also announced that work was underway to increase the refinery’s capacity from 650,000 barrels per day to 1.4 million barrels per day — a move that will make it the largest refinery in the world, surpassing India’s Jamnagar Refinery.Hide trimmed content
Dangote expressed deep appreciation to President Bola Tinubu and the Federal Government for their continued support and for implementing policies that have encouraged industrialisation — including the Nigeria’s First Policy, Naira-for-Crude Policy, and One-Stop Shop initiative.
He noted that these measures have transformed Nigeria’s downstream sector and given the confidence to embark on this major phase of expansion.
“This expansion is about confidence in Nigeria, in Africa, and in our capacity to shape our own energy future,” Dangote said.
Dangote stated that the expansion aligns with President Tinubu’s vision for Nigeria to become a major global supplier of refined petroleum products.
He said the project will reduce import dependence, save billions in foreign exchange, and strengthen national energy security.
An estimated 65,000 workers will be engaged during the construction phase, he revealed, adding that the project will unlock new opportunities for local industries and reinforce Africa’s capacity to build and manage world-class infrastructure.
As part of the upgrade, the refinery’s polypropylene production will rise from 900,000 metric tonnes to 2.4 million metric tonnes per annum, expanding the production of linear alkylbenzene — a key raw material for detergents — and additional base oils and petrochemical products.
The refinery will also transition from Euro V to Euro VI fuel standards, meeting the highest global environmental benchmarks. Dangote added that power generation capacity is also being expanded to ensure full operational self-sufficiency.
Reaffirming his company’s focus on local participation, Dangote said over 85% of the refinery’s workforce will be Nigerian, with ongoing investments in skills development, technology transfer, and environmental sustainability.
“Our goal has never been just to refine oil, but to refine opportunities for our people,” he stated.
Looking ahead, Dangote confirmed that 10% of the Dangote Refinery and Petrochemical complex shares will be listed on the Nigerian Stock Exchange within the next year, opening investment opportunities to Nigerians and promoting transparency and wider ownership.
He also invited financiers, crude suppliers, and strategic partners to collaborate as the refinery evolves into Africa’s leading integrated energy and petrochemical hub.
Addressing Nigerians’ long-standing fuel supply challenges during the festive period, Dangote assured that the refinery will maintain steady petrol supply throughout the ember months despite recent spikes in global oil prices.
“I want to assure Nigerians that the Dangote Refinery is fully committed to maintaining an uninterrupted supply of petrol throughout the festive period.
“For the first time in many years, Nigerians can look forward to a festive season free of fuel anxiety,” he said, pledging stable product flow and prices during the holidays.
Dangote expressed gratitude to President Tinubu, the Federal and Lagos State governments, financial partners, the Lekki host community, and the refinery’s workforce for their support.
He also called on holders of other refinery licenses to join in realising the President’s vision of transforming Nigeria into Africa’s refining hub.
“When Africa builds its own capacity, it builds its own destiny,” Dangote declared.
