Dangote Market listing to boost investor confidence, strengthen Nigeria’s capital market

By James Ike

Africa’s richest man, Aliko Dangote, has announced plans to list his $20 billion oil refinery on the stock market, a move aimed at enabling widespread public ownership and giving Nigerians a direct stake in the landmark project.

Dangote said the proposed listing would allow “every Nigerian” the opportunity to own a part of the Dangote Refinery, describing the facility as a legacy project designed to transform Nigeria’s oil and gas sector and strengthen the nation’s economy.

According to him, there will be no limit on the number of shares individuals can purchase, allowing investors to acquire significant equity based on their capacity and interest.

This, he noted, is intended to encourage broad participation and deepen local investment in the refinery.

Dangote also disclosed that the refinery plans to pay dividends in U.S. dollars, a strategy expected to attract both local investors and Nigerians in the diaspora by providing returns in a stable foreign currency.

The Dangote Refinery, one of the largest single-train refineries in the world, is expected to reduce Nigeria’s dependence on imported petroleum products, conserve foreign exchange, and create thousands of jobs.

Analysts say the planned stock market listing could further boost investor confidence and strengthen Nigeria’s capital market once implemented.