Dangote Refinery Announces $14.3 Billion Expansion Plan
The Dangote Petroleum Refinery in Nigeria has announced a $14.3 billion investment to double its processing capacity from 700,000 barrels per day (bpd) to 1.4 million bpd by 2029. This expansion coincides with the refinery's initial public offering (IPO), which is expected to be Africa’s largest and aims to raise approximately N2.15 trillion ($5 billion). The IPO will target retail investors, running from September 14 to October 13, with shares set for listing on Nigeria’s main stock exchange in late November. The refinery, part of the Dangote Group led by Aliko Dangote, began operations in 2024 at a cost of $20 billion and has already impacted Nigeria's fuel market. It reported an after-tax profit of $1.82 billion for H1 2026 compared to a $476 million loss in all of 2025. The IPO includes the sale of 4.1 billion shares at N525 each, with potential additional sales if demand is strong. Dangote has also mentioned interest from ADNOC and plans for another refinery on Kenya’s coast.
Topics: investment plans IPO announcement refinery expansion