Nigerian business magnate Aliko Dangote has announced plans to list his conglomerate's fertiliser business through an initial public offering (IPO) in 2028. The proposed listing is expected to make the fertiliser business one of the largest publicly traded fertiliser companies globally. Dangote made this disclosure during an interview with Bloomberg Television. He expressed confidence in the growth prospects of the business.
The announcement comes as Dangote Group continues to expand its investments in strategic sectors, including energy and agriculture. The conglomerate aims to strengthen local production and reduce Africa's reliance on imports. Dangote's business empire has diversified interests in various sectors, including cement, sugar, and real estate. The fertiliser business is a key part of the group's strategy to increase domestic production capacity.
Dangote also discussed plans surrounding the proposed IPO of the Dangote refinery. He described the move as more than a capital-raising exercise, but part of a broader strategy to widen ownership of strategic African assets. The refinery's listing aims to enable more investors across the continent to benefit from the company's growth. Dangote emphasised the importance of creating opportunities for Africans to own a stake in transformative businesses.
The Dangote refinery was conceived as an African response to the continent's longstanding energy challenges, particularly its dependence on imported petroleum products. The facility forms a critical part of Dangote Group's strategy to increase domestic production capacity, support economic self-sufficiency, and strengthen Africa's energy security. The refinery is expected to play a significant role in addressing Africa's energy needs.
Dangote said the group would continue to focus on building industries capable of creating jobs, generating foreign exchange earnings, and contributing to sustainable economic development across the continent. He expressed confidence in the growth prospects of the refinery, citing strong demand during its private placement. The private placement reflected both domestic and international interest in the project and its future prospects.
The businessman said the group deliberately limited the amount raised through the private placement to encourage broader ownership and participation among African investors. Dangote emphasised that the objective has always been bigger than building a refinery, but to create institutions that will outlive the group, businesses that can compete globally, and opportunities that allow Africans to share in the wealth created on the continent.
Dangote further said Africa possesses the resources, human capital, and market potential needed to compete with leading economies globally. He maintained that industrialisation remains a key pathway to economic prosperity, stressing the importance of developing industries that can process the continent's resources locally, create employment, and retain more economic value within Africa. The IPO is another step towards achieving this vision.
Key points
- Dangote plans to list his fertiliser business in 2028
- The proposed listing aims to make the fertiliser business one of the largest publicly traded fertiliser companies globally
- The IPO is part of a broader strategy to widen ownership of strategic African assets
