In a significant development aimed at expanding local participation in Nigeria’s oil sector, Aliko Dangote has revealed plans to list the Dangote Refinery on the Nigerian stock exchange.
This move will provide Nigerians—both individuals and institutions—the opportunity to invest in and benefit from one of the continent’s largest oil infrastructure projects, as reported by Punch.
Dangote made this announcement during the Global Commodity Insights Conference on West African Refined Fuel Markets, held in Abuja. The event was co-hosted by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and S&P Global Insights.
“The refinery will be listed very soon to allow all Nigerians to become shareholders. We are open to collaborations with African governments, private investors, and regional bodies. Our vision is for Africa to refine all the petroleum products it uses within the continent,” Dangote said.
Dangote also emphasised the company’s role in promoting clean energy through its liquefied petroleum gas (LPG) initiatives.
He noted that the refinery currently produces 2,500 tons of LPG daily, which is intended to support clean cooking in Nigerian households.
The announcement comes amid recent criticism from stakeholders in Nigeria’s maritime and oil industries.
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Some local shipowners expressed concerns that Dangote’s refinery relies on Angolan vessels for transporting crude and refined products, rather than engaging Nigerian-owned ships.
Further criticism was directed at the refinery’s restrictive fuel sales policies, which some industry players argue have hindered efficient fuel distribution across Nigeria.
Speaking also, the Executive Secretary of the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN), Olufemi Adewole, noted that these practices disadvantage smaller marketers who depend on flexible coastal supply chains.
In response, Dangote defended his business strategy and criticised wealthy Nigerians who choose to invest abroad instead of contributing to the local economy.
“Many who have the means to grow Nigeria’s economy choose to sit on the sidelines while investing overseas. We’ve committed to Nigeria and Africa. We must not let unfair dumping practices destroy our industries,” he stated.
