In a strategic push to deepen Nigeria’s capital markets and increase investor access to high-value assets, the Group Chairman of the Nigerian Exchange Group (NGX), Umaru Kwairanga, has urged Africa’s richest man, Aliko Dangote, to list the Dangote Petroleum Refinery and Dangote Fertiliser Limited on the Nigerian Exchange (NGX).
Kwairanga made the call during a high-profile courtesy visit to the Dangote Refinery and Fertiliser complex in Lagos, where capital market stakeholders engaged with the Dangote Group leadership on expanding market participation and promoting inclusive wealth creation.
“The listing of Dangote Refinery and Dangote Fertiliser is a natural next step in the Group’s journey toward market transparency, national pride, and economic empowerment,” Kwairanga said.
He praised the impact of Dangote’s industrial projects—particularly the refinery, which is expected to revolutionise Nigeria’s petroleum sector and drastically reduce the country’s reliance on imported fuels.
Responding to the call, Aliko Dangote revealed that Dangote Fertiliser Limited would soon be listed on the NGX, offering Nigerian investors access to a globally competitive, dollar-denominated business.
“We’re introducing a dollarised business model to shield investors from naira depreciation. Those who invest now won’t need to worry about currency erosion affecting their returns in the years to come,” Dangote said.
He also disclosed that the fertiliser business is undergoing a major capacity expansion and is projected to generate $20 million in revenue per day within the next 40 months. This, he noted, could lead to dividend payments of $3–4 billion to shareholders, creating a compelling case for investment.
“In a few years, our fertiliser revenue should cross $70 billion, and we’re confident in delivering strong shareholder value,” he added.
Kwairanga acknowledged that the Dangote Group’s existing publicly traded companies—including Dangote Cement Plc, Dangote Sugar Refinery Plc, and NASCON Allied Industries Plc—have significantly improved market liquidity, investor confidence, and shareholder value creation on the NGX.
“Dangote’s listed firms have driven economic participation and wealth redistribution. Listing the refinery and fertiliser arms would catalyse a new era of market-led industrial growth,” Kwairanga emphasized.
He said the visit by the NGX leadership was not merely symbolic but a reaffirmation of the Exchange’s commitment to national development through investment capital.
Dangote also highlighted the Group’s ongoing investments in cement production, with plans to expand clinker export operations to other West African countries. These efforts are expected to further boost non-oil export revenue and economic resilience.
In a visionary comparison, he referenced India’s Reliance Industries, known for holding shareholder meetings in large stadiums, saying Nigeria needs more companies of such scale and ambition to power its $1 trillion economy aspiration.
“To truly transform our economy, we need a vibrant stock market with industrial giants anchoring its value,” he noted.
Devakumar Edwin, Dangote Group’s Vice President of Oil & Gas, led the NGX delegation on a tour of the refinery and fertiliser facilities. He described the 650,000 barrels-per-day refinery as a monumental achievement driven by vision, risk-taking, and private capital.
“This refinery positions Nigeria as a net exporter of refined petroleum products. We are now supplying fuels to other continents and reducing our reliance on foreign refineries,” Edwin said.
He noted that Dangote Group undertook the massive project without relying on third-party EPC contractors, ensuring efficiency, control, and faster delivery.
Financial analysts have long maintained that the listing of Dangote Refinery on the NGX could be the most transformative event for Nigeria’s capital market in a decade. It would attract foreign portfolio investors, deepen market participation, and increase the Exchange’s market capitalisation by billions of dollars.
In addition, retail investors and pension fund administrators stand to benefit from stable, long-term dividends from a business with global revenue streams.