Dangote Refinery to list on Lagos exchange first quarter 2025
TLDR
- Dangote Refinery plans to list its fertilizer and petrochemical business on the stock exchange in Q1 2025.
- Production to increase steadily with targets of 500,000 bpd by August 2024, 550,000 bpd by year-end, and 650,000 bpd by Q1 2025.
- Nigeria's NNPC holds a 7.2% stake in the refinery, not the stated 20%, with an expected $25 billion annual revenue by 2025.
Africa's richest man and President of Dangote Group, Aliko Dangote, has said the company will list the fertilizer and petrochemical business of the Dangote Refinery on the stock exchange in the first quarter of 2025.
The refinery’s steady-state production phase commenced in March 2024, with plans to ramp up production to 500,000 barrels per day (bpd); 15 crude cargoes a month by August, 550,000 bpd by end of the year, and 650,000 bpd by the first quarter of 2025.
Dangote also confirmed that Nigeria's state-owned NNPC only owns a 7.2% stake in the refinery and not the 20% that was publicly stated. The refinery is expected to generate up to $25 billion annually from 2025 when it is fully operational and will be listed in London as well.
Points clés à retenir
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. 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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