Dangote Petroleum Refinery and Petrochemicals FZE is planning to pursue a listing on the New York Stock Exchange after completing the expansion of its Lagos refinery to 1.4 million barrels per day by the first quarter of 2029. This move is part of the company's strategy to broaden its investor base and access a deeper international pool of capital. The refinery currently has a processing capacity of 700,000 barrels per day and aims to double this capacity with the expansion.
The company's chairman, Aliko Dangote, disclosed the plan at the Qatar Economic Forum, powered by Bloomberg. He stated that the Nigerian listing would come first, followed by a US listing after the expansion is completed. This marks a shift from earlier indications that the refinery would wait at least three years before considering an overseas listing. The proposed New York listing is expected to give the refinery access to a broader international investor base.
Dangote Refinery's Nigerian IPO is currently underway, comprising 4.1 billion new ordinary shares priced at N525 each, giving the offer a value of N2.15tn. The minimum subscription is 10 shares for N5,250, and the offer opened on September 14 and is scheduled to close on October 13. The IPO is expected to raise about $1.6bn, with proceeds earmarked partly for the refinery's planned expansion.
The expansion would add another 700,000 barrels per day to the refinery's current capacity, taking total capacity to 1.4 million barrels per day. David Bird, CEO of Dangote Refinery, previously told Reuters that the company intended to replicate the existing refinery's engineering and procurement model to deliver the additional 700,000 barrels per day within three years.
The planned New York listing would broaden the refinery's investor base beyond Nigeria and Africa, potentially giving it access to a deeper international pool of capital. For the immediate IPO, Dangote has said the company is working with banks to enable Africans outside Nigeria to participate in the Nigerian offer. The domestic listing is already attracting significant attention, with Reuters reporting that the refinery raised $2.5bn through a private placement in July.
The refinery's expansion is also expected to strengthen its role as a major supplier of refined petroleum products to Nigeria, Africa, and international markets. Reuters reported that the facility has become an increasingly important supplier of fuel to Europe, including jet fuel and diesel, amid disruptions to Middle Eastern energy supplies.
With the Nigerian IPO now in progress, the proposed New York listing adds another stage to Dangote Refinery's capital-market strategy: establish a domestic public-market presence, expand capacity, and subsequently seek access to international investors. The company's financial performance has been strong, with its first-half 2026 net profit reaching $1.82bn on revenue of more than $13bn, reversing a $476m loss recorded in 2025.
Key points
- Dangote Refinery plans to list on the New York Stock Exchange after expanding its Lagos refinery to 1.4 million barrels per day by 2029.
- The company's Nigerian IPO is currently underway, with proceeds earmarked partly for the refinery's planned expansion.
- The proposed New York listing would broaden the refinery's investor base beyond Nigeria and Africa.
