Nigeria: Dangote mega-refinery soon to be listed on stock exchange to finance doubling of production
The Dangote mega-refinery will be listed on the Lagos stock exchange, with the Nigerian regulator approving the listing on September 4 and the listing expected on September 14. Aliko Dangote aims to raise $1.6 billion by selling over 4 billion shares at 525 nairas each, valuing the refinery at about $49 billion. The funds will finance a near-doubling of the plant's capacity from its current 700,000 barrels per day to 1.4 million barrels per day by 2028, which would make it the world's largest refinery.
Why it matters: This listing tests whether African capital markets can finance large industrial projects, a key theme in the briefing on African economic development and infrastructure financing.