Aliko Dangote, President of Dangote Industries Limited, has revealed plans to significantly expand the Dangote Refinery, with an ambitious target of making the facility the largest refinery in the world by 2028.
Dangote disclosed that the company plans to raise slightly above ₦2 trillion through an Initial Public Offering (IPO) to finance the proposed expansion of the refinery.
According to the billionaire businessman, the planned IPO is designed to give Nigerians an opportunity to participate directly in the refinery’s growth while providing the capital required to increase its capacity and strengthen its operations.
The proposed offer price is ₦525 per share, with a minimum subscription of 10 shares, meaning investors could participate with as little as ₦5,250.
Dangote described the planned share offering as an initiative intended to benefit ordinary Nigerians, stressing that the IPO is “for the people.”
The expansion plan underscores Dangote Refinery’s growing importance to Nigeria’s energy sector. Located in the Lekki area of Lagos, the facility was developed to reduce Nigeria’s dependence on imported petroleum products and strengthen domestic refining capacity.
With further investment planned, the refinery is expected to expand its production capabilities and potentially increase its influence in the global oil and gas industry.
Dangote’s projection that the refinery could become the largest in the world by 2028 signals the company’s long-term ambition to position Nigeria as a major player in global petroleum refining.
The proposed IPO, if successfully executed, could also represent a major development in Nigeria’s capital market by allowing a broader segment of the public to own a stake in one of the country’s most prominent industrial projects.
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As preparations for the expansion progress, investors and industry stakeholders will be watching closely for further details on the proposed share offering, refinery capacity plans and the timeline for achieving the company’s 2028 target.
