The Lagos-based Dangote Refinery will list its shares locally within the next five months, Chief Executive Aliko Dangote said, portending a huge win for the Nigerian stock market’s ambition to generate interest for local and foreign investors.
Africa’s largest crude oil refinery, which has operated for a little over a year, is currently being expanded to double its processing capacity to 1.4 million barrels per day. Dangote, Africa’s wealthiest person, said Nigerians will be able to buy shares currently held by the country’s state oil company NNPC in around “four to five months.” NNPC was an early investor in the refinery during its construction.
Nigeria’s stock market is one of a number of bourses in Africa that have performed strongly in the past year, riding the wave of a weakened dollar to post strong gains. The exchange topped a valuation of $84 billion this month, surpassing its January 2024 capitalization by nearly 60%, according to Bloomberg.