President and Chief Executive of Dangote Industries Limited, Aliko Dangote, says the ongoing Initial Public Offering of the Dangote Petroleum Refinery is designed to give ordinary Africans a direct stake in one of the continent’s most ambitious industrial projects, describing it as a step toward democratising ownership of strategic African assets.
Speaking in an interview with Bloomberg Television, Dangote said the IPO goes beyond raising capital, forming part of a broader vision to create sustainable wealth for millions of investors across Africa.
He said the offering allows both ordinary citizens and institutional investors to become shareholders in an enterprise he described as helping to redefine the continent’s energy future, adding that broadening ownership of the refinery matters as much as expanding its capacity.
“For decades, Africa’s most strategic assets have been owned by a limited group of investors. Through this IPO, we are creating an opportunity for millions of Africans to become part owners of a transformative business that is changing the energy landscape of the continent. It is about creating value, expanding prosperity, and building generational wealth for our people,” Dangote said.
He explained that the refinery was conceived as an African solution to the continent’s long-standing energy challenges, forming part of the Dangote Group’s broader push to cut import dependence while strengthening local production. He said the Group remains focused on building industries that support economic self-sufficiency, create jobs, boost foreign exchange earnings, and drive sustainable development across Africa.
Dangote disclosed plans to expand the refinery’s capacity from its current 700,000 barrels per day to 1.4 million barrels per day in the coming years, a move that would place it among the largest refining complexes in the world. He said proceeds from the IPO would support this expansion.
The businessman also revealed that the refinery intends to pursue a listing on the New York Stock Exchange once the next phase of expansion is completed, a step he said would deepen access to international capital while demonstrating Africa’s industrial capacity to global investors.
On investor confidence, Dangote said the strong demand recorded during the refinery’s private placement reflected belief in the project both locally and internationally. He said the Group had deliberately capped the amount raised during that placement to allow for wider participation among Africans in the current offering.
“Our objective has always been bigger than building a refinery. We want to create institutions that will outlive us, businesses that can compete globally, and opportunities that allow Africans to share in the wealth created on the continent. This IPO is another step towards achieving that vision,” he said.
Dangote maintained that Africa has the resources, talent and market potential to compete with the world’s leading economies, saying industrialisation remains the surest route to economic prosperity.
He said continued investment in refining, petrochemicals, cement, fertiliser and manufacturing would keep driving the continent’s economic growth.
The Dangote Petroleum Refinery IPO, described as the largest public share offering in Africa’s history, has attracted strong interest from investors, policymakers, market analysts and development institutions, who view it as a landmark moment for Nigeria’s capital market and Africa’s broader industrial growth story.
