Lagos. Nigeria's Dangote oil refinery plans to spend $14.3 billion to double its processing capacity, the company disclosed on Monday as it signed documents for its initial public offering that is slated to be Africa's biggest ever.
The expansion programme, due to be complete by 2029, would increase the refinery's capacity to 1.4 million barrels per day from 700,000 currently, the prospectus for its IPO on Nigeria's main stock exchange said.
The IPO aims to raise about 2.15 trillion naira ($1.63 billion), largely targeting retail investors, and will run from September 14 to October 13, a presentation at Monday's signing ceremony showed.
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