Dangote Refinery Launches $1.6 Billion IPO, Plans $14.3bn Expansion to 1.4m Barrels Per Day by 2029

Africa’s largest refinery is about to get even bigger. The Dangote Petroleum Refinery has secured approval from the Securities and Exchange Commission, SEC, to launch a $1.6 billion Initial Public Offering, IPO, in what will be Africa’s biggest share sale ever. At the same time, the refinery announced plans for a $14.3 billion expansion that will double its capacity to 1.4 million barrels per day by 2029. According to reports, the IPO will involve 4.1 billion ordinary shares at ₦525 each. The offer will open on September 14 and close on October 13, 2026. This move is expected to open Dangote Refinery to retail and institutional investors across Nigeria and beyond. Beyond the IPO, Dangote Refinery plans to invest $14.3 billion to expand capacity to 1.4 million barrels per day by 2029. To support operations, the refinery has already bought 16 million barrels of Nigerian crude oil for October 2026, raising daily intake to about 520,000 barrels per day. The expansion and IPO are expected to create thousands of direct and indirect jobs. Increased capacity means Nigeria can reduce fuel importation further and stabilize local petrol prices. With Nigeria holding over 215 trillion cubic feet of gas reserves, gas and refining are being positioned as key drivers for industrial growth. Analysts say the IPO will give Nigerians a chance to own a piece of Africa’s largest single-train refinery while funding the next phase of growth.