Dangote refinery to end importation of fuel in Africa

By Sunday Onye, senior correspondent

Aliko Dangote, the chairman of the Dangote Group, has expressed his desire to have Nigerians, Africans, and other investors as shareholders in the refinery, describing it as a “historic move.”

Dangote made this statement while speaking with the Africa Report, mentioning that he hopes to list the refinery on the Nigerian Stock Exchange by the end of the year.

According to Rotimi Fakayejo, an economy and capital market analyst, the listing of the refinery is expected to attract around N8 trillion market capitalization on the Nigerian Stock Exchange.

Fakayejo also stated that the refinery’s listing would attract foreign portfolio investment to the country, providing the economy with more foreign exchange.

The listing of the refinery is seen as a significant development for the Nigerian capital market, offering Nigerians the opportunity to share in the substantial wealth the refinery will generate. The refinery, currently producing diesel and aviation fuel, plans to start exporting diesel conforming to European specifications alongside petrol sales in June.

Once fully operational, the refinery aimed to meet West Africa’s petrol and diesel needs and the continent’s aviation fuel demand, potentially ending the long-standing petrol trade from Europe to Africa, worth $17 billion annually.