Dangote Refinery Valued at $62 Billion Ahead of IPO

Analysts have valued Dangote Petroleum Refinery & Petrochemicals FZE at about $62 billion, positioning it among Africa's most highly valued energy assets as it prepares for a potential listing on the Nigerian Exchange Group. Two equity research reports published on September 7, 2026, estimate the refinery’s valuation around the $62 billion mark, citing factors such as its scale, high refining complexity, improving utilization, low operating costs, and a planned expansion to 1.4 million barrels per day (bpd).

Chapel Hill Denham Securities assigned a 12-month fair equity value of $62.53 billion, while Renaissance Capital Africa estimated a fair-value range of $53.89 billion to $62.09 billion. The planned expansion, which includes a $12.4 billion Phase 2 project to double refining capacity, is expected to be financed through IPO proceeds.

Analysts noted the refinery's Nelson Complexity Index (NCI) of 11.5, which allows it to process a broader range of crude and convert a significant portion into higher-value refined products.