Dangote to List Fertiliser, Refinery on Nigerian Exchange
The Dangote Group has announced plans to list its fertiliser and refinery businesses on the Nigerian Exchange (NGX), a move expected to deepen the capital market and broaden public ownership of two of the country’s most strategic industrial assets.
Africa’s richest man, Aliko Dangote, made the disclosure at the 2025 Afreximbank Annual Meetings and AfriCaribbean Trade and Investment Forum held in Abuja. According to him, Dangote Fertiliser Limited will be listed before the end of 2025, while the Dangote Petroleum Refinery will follow in 2026.
Dangote said both businesses are designed to earn revenue in U.S. dollars, insulating investors from currency volatility and enhancing the investment appeal of the stocks.
He added that the fertiliser company currently earns up to $20 million daily and has the potential to generate $70 billion in revenue over 40 months, with $3–4 billion in projected dividend payouts.
He noted that listing the two businesses would allow Nigerians and other investors to share in the returns of the massive industrial operations, and that reinvesting African capital on the continent remains a key part of his long-term vision.
Chairman of the Nigerian Exchange Group, Umaru Kwairanga, commended the decision, describing it as a major boost for the Nigerian capital market.
He said the move would not only attract investment but also promote transparency, corporate governance, and long-term value creation.
Kwairanga added that the earlier listings of Dangote Cement and Dangote Sugar had significantly improved liquidity and investor confidence on the NGX.
The fertiliser plant, located in the Lekki Free Zone, is the largest in Africa with an annual capacity of 3 million tonnes of urea, and is seen as central to Nigeria’s agricultural development and export expansion.
The refinery, with a capacity of 650,000 barrels per day, is expected to transform Nigeria’s energy sector by reducing reliance on imported petroleum products.
Market analysts say the fertiliser listing alone could be valued at over $3 billion, making it one of the largest in NGX history.
The listing processes will proceed following the completion of regulatory approvals from the Securities and Exchange Commission and the Nigerian Exchange.
