President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has unveiled plans to expand the Dangote Petroleum Refinery’s capacity from its current 700,000 barrels per day to 1.4 million barrels per day.
Dangote made the disclosure during an interview with Bloomberg Television, saying proceeds from the ongoing Initial Public Offering of the refinery would support the planned expansion.
He also disclosed that the Dangote Petroleum Refinery intends to pursue a listing on the New York Stock Exchange after completing the next phase of its expansion, as part of efforts to deepen access to international capital.
According to him, the IPO goes beyond raising capital, as it is also intended to broaden ownership of the refinery and enable more Africans to participate directly in the value created by the industrial project.
“For decades, Africa’s most strategic assets have been owned by a limited group of investors. Through this IPO, we are creating an opportunity for millions of Africans to become part-owners of a transformative business that is changing the energy landscape of the continent. It is about creating value, expanding prosperity, and building generational wealth for our people,” Dangote said.
He said the refinery was conceived as an African response to the continent’s energy challenges and formed part of the Dangote Group’s broader strategy of reducing dependence on imports, strengthening local production, creating jobs and supporting economic development.
Dangote said the planned expansion would position the refinery among the largest refining complexes globally and increase Africa’s capacity to meet its energy requirements.
He said the strong demand recorded during the refinery’s private placement reflected confidence in the project, adding that the company deliberately limited the amount raised during the placement to encourage broader ownership.
“Our objective has always been bigger than building a refinery. We want to create institutions that will outlive us, businesses that can compete globally, and opportunities that allow Africans to share in the wealth created on the continent. This IPO is another step towards achieving that vision,” he said.
Dangote also stressed the importance of industrialisation to Africa’s economic development, identifying refining, petrochemicals, cement, fertiliser and manufacturing as sectors capable of driving economic growth across the continent.
He said Africa possesses the resources, talent and market potential required to compete globally, adding that the Dangote Group remained committed to industrial development and long-term economic transformation.
The ongoing Dangote Petroleum Refinery IPO has attracted interest from investors and other stakeholders, with the offering positioned by the company as an opportunity to broaden participation in ownership of the refinery.