Dangote Refinery plans to list its shares on the London Stock Exchange and the Nigerian Stock Exchange . The proposed dual listing was announced by Devakumar Edwin, a Dangote Refinery executive. According to Edwin, the Dangote Refinery’s sheer size and trading volume would be too much for theto manage exclusively. Therefore, a listing on the more established LSE is necessary, while a simultaneous listing on the NGX maintains a local presence.
It comes as no surprise that the Dangote refinery will be listed on both the LSE and the NGX. The $20.5 billion Dangote Refinery, which began operations in January after facing delays, has a processing capacity of 650,000 barrels per day. This scale surpasses European counterparts and shows its potential to become a critical supplier in both African and international markets. Inherently, this would reduce Africa’s dependence on imported refined products. For example, the refinery is expected to save Nigeria an estimated $10 billion annually on fuel imports. Moreover, the refinery is expected to spur economic growth through job creation and related industrial activities.
Interestingly, the news of the dual listing follows another significant achievement for Dangote Industries. Earlier this year, their subsidiary Dangote Cement became the first Nigerian company to reach a market capitalization of N10 trillion. We reported earlier that Nigeria manufactured 159,158,191 barrels of crude oil within the first four months of 2024.