Dangote Refinery IPO Targets N2.15 Trillion in Africa

The Dangote Refinery's Initial Public Offering (IPO) is set to be the largest in Africa, targeting N2.15 trillion (approximately $1.63 billion) and is designed for extensive retail participation. The project's success involved multiple stakeholders, including Aliko Dangote, who conceptualized it between 2013 and 2016, initially planning for the Olokola Free Trade Zone before relocating due to regulatory issues.

The Lagos State Government, under Governor Babatunde Fashola, facilitated land acquisition by providing 2,635 hectares in the Lekki Free Zone. From 2016 to 2023, a consortium of local and foreign banks financed the project, while the Central Bank of Nigeria, led by Godwin Emefiele, contributed N125 billion in loans and prioritized foreign exchange for equipment imports.

The Buhari Administration provided essential political backing, including a 20% equity stake for the Nigerian National Petroleum Company for $2.76 billion in 2021. Additionally, Buhari intervened with the Indian Government to expedite technology approvals during critical phases.