Dangote: why the Nigerian refinery is listing on the Lagos stock exchange
The Dangote refinery is listing on the Lagos stock exchange, offering more than four billion shares to raise up to 2,150 billion nairas (about $1.4 billion) to finance its expansion. The group aims to double current production capacity of about 700,000 barrels per day and to attract up to 10 million shareholders across Africa. The minimum purchase is ten shares for 5,250 nairas, under $4.
Why it matters: This matters for African capital markets: the listing tests whether continental savings can finance large industrial projects.