Dangote Refinery Eyes New York Listing After 2029 Capacity Expansion

• Dangote Refinery plans a New York Stock Exchange listing after doubling its crude-processing capacity to 1.4 million barrels per day by the first quarter of 2029.

• The company’s N2.15tn Nigerian IPO, involving 4.1 billion shares at N525 each, is scheduled to close on October 13.

• A US listing would give the refinery access to a broader international investor base after its planned primary listing on the Nigerian Exchange.

September 21, () – Dangote Petroleum Refinery and Petrochemicals FZE plans 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.

Aliko Dangote, Chairman of Dangote Industries Limited, disclosed the plan at the Qatar Economic Forum, powered by Bloomberg, saying the Nigerian listing would come first before the company seeks a US listing following completion of the expansion.

“We are doing a primary listing in Nigeria and then we will also hopefully list in New York,” Dangote said. “But that is after we deliver the expansion” to 1.4 million barrels per day by the first quarter of 2029.

The disclosure marks a shift from earlier indications that the refinery would wait at least three years before considering an overseas listing.

In August, Chief Executive Officer David Bird told Reuters that the company wanted at least three years of proven production and financial performance before pursuing an international listing, with London mentioned at the time as a possible destination.

IPO funds expansion

The proposed New York listing comes as Dangote Refinery’s Nigerian IPO is underway.

The public offer comprises 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, while the offer opened on September 14 and is scheduled to close on October 13.

Reuters reported that the IPO is expected to raise about $1.6bn, with proceeds earmarked partly for the refinery’s planned expansion. The refinery currently has a processing capacity of 700,000 barrels per day.

The expansion would add another 700,000 barrels per day, taking total capacity to 1.4 million barrels per day.

David Bird 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.

From Nigerian listing to global capital

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. Reuters reported that the refinery raised $2.5bn through a private placement in July, while its first-half 2026 net profit reached $1.82bn on revenue of more than $13bn, reversing a $476m loss recorded in 2025.

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.