Dangote Refinery IPO may add $60bn to NGX market value –FG

From Okwe Obi, Abuja

The Federal Government has said the Initial Public Offering (IPO) of Dangote Petroleum Refinery & Petrochemicals FZE could add about $60 billion to the total equity market capitalisation of the Nigerian Exchange (NGX) if fully subscribed.

The Minister of Industry, Trade and Investment, Dr. Jumoke Oduwole, disclosed this yesterday while describing the offering as a major development for Nigeria’s investment climate, industrial growth and capital market.

Oduwole said the proposed listing would significantly increase the size of Nigeria’s listed equity market while attracting new investors and widening the range of companies quoted on the NGX.

According to her, the transaction also demonstrates the ability of Nigeria’s capital market to mobilise funds for large-scale businesses and give Nigerians an opportunity to participate in the country’s industrial development.

She said the development was the result of regulatory reforms that removed barriers previously preventing Free Zone Entities from accessing the Nigerian capital market.

“Less than three years ago, access by Free Zone Entities to Nigeria’s capital market was a live regulatory constraint being raised directly by investors. Today, a Free Zone Entity operating from Nigeria has launched Africa’s largest-ever IPO.

“This is translating into investment, and it is precisely the kind of reform-to-investment conversion we want to institutionalise,” she said.

The minister recalled that the issue of capital-market access for Free Zone Entities was raised during engagements with private-sector operators, including Dangote Refinery and other operators in the sector.

She said the concerns led to consultations involving the Securities and Exchange Commission (SEC), Free Zone authorities, the NGX and other relevant institutions to develop a framework that would allow eligible Free Zone companies to access the Nigerian capital market.

Oduwole said the regulatory framework was subsequently strengthened by President Bola Ahmed Tinubu’s assent to the Investments and Securities Act, 2025, followed by SEC rules governing public offerings by Free Trade Zone Entities.

“This is not simply a capital-market story; it is an industrialisation story,” she said.

The minister said the IPO could help mobilise capital around productive assets built in Nigeria, deepen domestic production, strengthen local value chains, support exports, create jobs and provide room for further industrial expansion.

She commended Alhaji Aliko Dangote and the Dangote Group for their sustained investment in the Nigerian economy.

Oduwole described the refinery as one of Africa’s largest private industrial investments, noting that it had become an important part of Nigeria’s efforts to expand domestic refining capacity, reduce dependence on imported petroleum products and strengthen its position in regional and global energy markets.

She said the development was in line with the economic reform programme of President Tinubu’s Renewed Hope Agenda, particularly efforts to create an environment where private businesses can invest, produce and expand while government removes bottlenecks and strengthens institutions.

According to her, the IPO also supports the government’s investment strategy of moving beyond investment announcements to measurable outcomes such as operating projects, reinvestment, expansion, exports and job creation.

“Our ambition is not merely to attract capital, but to shape an environment in which capital can land, grow and create lasting value.

“Our message to domestic and global investors is clear: Nigeria is a market where you can build at scale, mobilise capital at scale and compete globally.

“We will continue to deepen the reforms necessary to unlock productive investment and connect Nigerian enterprise and production more competitively to African and global markets,” she said.

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