Aliko Dangote’s petroleum refinery, the largest single-train facility on the planet, is gearing up for what could become the biggest IPO in African history. And Nigerians are scrambling to get in.
Pre-IPO demand for the Dangote Petroleum Refinery & Petrochemicals has surged to nearly $2 billion, with a $1 billion private placement closing in June 2026 at $0.35 per share. That price implies a valuation of roughly $39.1 billion, though the company is targeting a range between $40 billion and $50 billion for its eventual public listing.
The refinery that changed Nigeria’s energy math
Here’s the thing about why this matters so much. Nigeria, Africa’s largest oil producer, spent decades in the absurd position of exporting crude oil and then importing refined petroleum products. The Dangote refinery, situated in Lagos’s Lekki Free Trade Zone, fixed that problem at industrial scale.
The facility hit operational capacity of approximately 650,000 to 700,000 barrels per day in February 2026. Construction costs exceeded $20 billion. Those are not typos.
