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Dangote Group Plans Landmark Stock Market Listings, Eyes Global Dominance in Fertiliser and Oil Sectors

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Dangote Group Plans Landmark Stock Market Listings, Eyes Global Dominance in Fertiliser and Oil Sectors

(4 Minutes Read)

Aliko Dangote to List USD 20 Billion Oil Refinery and Urea Plant, Targets Global Leadership in Urea Production

President of Dangote Group, Aliko Dangote, is preparing for two major stock market listings aimed at attracting a broader investor base and reinforcing transparency across the business empire. According to a Bloomberg report released on Friday, the billionaire industrialist disclosed his intention to list the company’s USD 20 billion oil refinery on the Nigerian stock exchange by the end of next year. The move comes as part of broader plans to expand the group’s investor footprint and quell criticisms about monopolistic dominance in key industries.

In a separate but concurrent development, Dangote also revealed that the group’s urea fertiliser plant—capable of producing 2.8 million tons annually—will be listed on the stock market later this year. These announcements were made during the annual general meeting of the African Export-Import Bank, held in Abuja, Nigeria’s capital.

The Dangote Petroleum Refinery, located on the outskirts of Lagos, began operations last year. With a daily processing capacity of 650,000 barrels of crude oil, it holds the distinction of being the largest refinery on the African continent. It currently produces aviation fuel, diesel, naphtha, and gasoline.

By taking the refinery public through an initial public offering (IPO), Dangote hopes to attract a diverse range of investors—including Nigeria’s state-owned pension funds—and demonstrate transparency and inclusivity. “It’s important to list the refinery so that people will not be calling us a monopoly,” he stated. “They will now say we have shares, so let everybody have a part of it.” This openness to public investment is a marked shift, particularly in light of past criticisms of market dominance. Dangote had earlier scrapped a planned 5,000-ton steel plant due to concerns about monopolistic practices.

Dangote also outlined an ambitious vision for the group’s fertiliser operations. Speaking confidently, he declared that Dangote Group plans to outpace Qatar as the world’s top exporter of urea within four years. The company already operates Africa’s largest granulated urea complex, with an annual output of 3 million tons—37% of which is exported to the United States.

In order to reach the top spot globally, the group intends to double its current production levels. This will involve expanding its existing $2.5 billion fertiliser plant on the outskirts of Lagos.

“In the next 40 months, Africa will not import fertiliser from anywhere,” Dangote promised. “We have a very aggressive trajectory right now. We want to make Dangote the highest producer of urea, bigger and higher than Qatar. Give me 40 months.”

Africa currently imports more than six million metric tons of fertiliser annually; a figure Dangote aims to drastically reduce. Boosting local production, he argued, will help countries cut down on foreign exchange outflows—a pressing issue for Nigeria, where a weak local currency has worsened economic pressures.

Industry analysts generally view the fertiliser market outlook as bullish, but also caution that Dangote’s scale of ambition will require robust supporting infrastructure. Seth Goldstein, Senior Equity Analyst at Morningstar Research, warned that large-scale fertiliser expansions often face risks of cost overruns.

Mikolah Judson of global risk consultancy Control Risk added that logistical bottlenecks—especially related to port and transport infrastructure—could hinder the ambitious export goals. “Bottlenecks routinely delay various import and export projects in Nigeria,” he said.

Despite these hurdles, Dangote has a history of delivering large-scale infrastructure projects. While the refinery project experienced delays and overshot its original budget, it ultimately reached completion and is now operational.

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Looking ahead, Dangote forecasts that the group will generate a total revenue of $30 billion by 2026, driven by the twin engines of the refinery and fertiliser businesses. With public listings and global expansion plans underway, the Dangote Group is positioning itself as a powerhouse in both the oil and agricultural sectors—not just in Africa, but on the world stage.

These moves, if successful, could mark a pivotal shift for Nigeria’s industrial landscape, increasing economic resilience, enhancing self-sufficiency in fertiliser production, and potentially ushering in a new era of investor participation in one of Africa’s most influential conglomerates.