Nigerian tycoon Aliko Dangote is set to list his $20 billion oil refinery on the Nigerian Exchange Limited (NGX), marking a significant milestone for Dangote Industries, Africa’s largest conglomerate.
Overcoming challenges related to crude oil supply, the company’s move to list is anticipated to instill confidence among investors and open up new avenues for growth. The Dangote Refinery stands as the continent’s largest single-train refinery, boasting a daily capacity of 650,000 barrels.
Anticipated to revolutionize Nigeria’s oil and gas sector, the refinery aims to reduce the nation’s dependence on imported fuel while generating substantial export revenue. Dangote envisions the refinery evolving into an independent entity, solidifying its position as a prominent player in the global oil and gas industry.
Must Read: 14 Impressive Facts about Dangote Refinery
The listing on the NGX is poised to attract a diverse array of investors, both local and international, contributing to increased liquidity in the Nigerian stock market and reinforcing its reputation as a regional investment hub.
Confirming the refinery’s startup in December 2023, Dangote outlined an initial target of 350,000 barrels per day, with a deal already secured for the first cargo of approximately 6 million barrels of crude scheduled for delivery in December 2023.
Recommended: Dangote refinery acquires licence to process 300,000 barrels daily
Dangote acknowledged the challenges faced during the project, expressing gratitude for reaching the desired destination. He emphasized the refinery’s potential to achieve its maximum output of 650,000 barrels per day by the end of 2024.
Read also: Check out Dangote’s rank among the world’s 10 wealthiest manufacturing billionaires
Elaborating on the ambitious refinery project, Dangote emphasized its rarity in Nigeria, stating that a comparable venture wouldn’t emerge in the country for the next two decades. He underlined the project’s commitment to quality and its enduring impact, done not for immediate applause but for the sake of posterity.
