Dangote Announces $20 Billion Refinery Listing On NGX

Nigerian business mogul Aliko Dangote has unveiled plans to list his $20 billion Dangote Refinery on the Nigerian Exchange Limited (NGX).

Dangote revealed the resolution of critical challenges hindering crude oil supply, a milestone propelling the refinery towards its long-anticipated listing.

“We have resolved all the issues with crude oil supply,” Dangote affirmed. “We are now ready to move forward with our plans to list the refinery on the Nigerian Exchange Limited.”

The Dangote Refinery, Africa’s largest single-train refinery boasting a capacity of 650,000 barrels per day, holds the promise of  reducing Nigeria’s reliance on imported fuel while creating export revenue.

READ ALSODangote’s $19B Refinery Set To Meet Nigeria’s Energy Demands

Dangote articulated a vision for the refinery’s autonomy, envisioning its ascent as a dominant player in the global oil and gas arena.

“We are starting with 350,000 barrels a day. The challenges that we faced, I don’t know whether other people can face these challenges and even survive,” Dangote remarked in an interview with the Financial Times. “It is either we sink, or we sail through. And we thank Almighty that at least we have arrived at the destination.”

Furthermore, the Africa richest man expressed confidence in the refinery’s capacity to hit its full potential by reaching the 650,000 barrels per day mark by the culmination of 2024. He emphasized that such a project wouldn’t emerge in Nigeria for the next two decades.

Highlighting the project’s ethos, Dangote affirmed, “We did not cut corners or seek applause; this project was done for the sake of posterity.”

The imminent listing of the Dangote Refinery on the NGX is poised to attract a diverse spectrum of investors, locally and globally, augmenting the liquidity of the Nigerian stock market and elevating its status as a regional investment hub.

The refinery’s startup, scheduled for December 2023 with an initial production target of 350,000 barrels per day, has already secured a deal for the first cargo of approximately 6 million barrels of crude.

The acquisition of a 20% equity stake in the Dangote Refinery by NNPC in 2021 marked a development, valuing the refinery at $20 billion and setting the stage for this leap in Nigeria’s energy landscape.