Nigeria’s Dangote Refinery to list on the local stock exchange
Nigerian business tycoon Aliko Dangote has revealed intentions to list his $20 billion oil refinery on the Nigerian Exchange Limited (NGX). This significant move signals a major stride for Dangote Industries, the largest conglomerate in Africa.
In an interview with the Financial Times, Dangote confirmed that the company has successfully addressed challenges related to crude oil supply, clearing the path for the refinery's listing. This development is anticipated to enhance investor confidence and open up new avenues for growth for Dangote Industries.
Having resolved issues concerning crude oil supply, Dangote expressed readiness to proceed with the plans for the refinery's listing on the Nigerian Exchange Limited. Furthermore, he articulated his vision for the refinery to evolve into an independent entity, solidifying its standing as a prominent player in the global oil and gas industry.
Key Takeaways
The Dangote Refinery, with a capacity of 650,000 barrels per day, stands as Africa's largest single-train refinery. Anticipated to be a transformative force in Nigeria's oil and gas sector, the refinery aims to diminish the country's dependence on imported fuel and generate substantial export revenue. Dangote has confirmed that the long-awaited refinery is commencing operations with an initial output of 350,000 barrels per day. Furthermore, a deal has been secured for the first cargo, involving approximately 6 million barrels of crude, scheduled for delivery in December 2023. The decision to list the Dangote Refinery on the Nigerian Exchange Limited (NGX) is expected to draw a diverse range of investors, both from domestic and international markets. This listing is poised to enhance the liquidity of the Nigerian stock market and bolster its reputation as a prominent regional investment hub.
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