Analysts have valued Dangote Petroleum Refinery & Petrochemicals FZE at about $62 billion, placing the giant Lekki-based refinery among the most highly valued energy assets in Africa as the company prepares for a potential listing on the Nigerian Exchange Group.
Two separate equity research reports published on September 7, 2026, put the refinery’s valuation around the $62 billion mark, citing its scale, high refining complexity, improving utilisation, low operating costs, and planned expansion to 1.4 million barrels per day (bpd).
Chapel Hill Denham Securities assigned Dangote Refinery a 12-month fair equity value of $62.53 billion, equivalent to about N82.62 trillion at an exchange rate of N1,321.22/$ as of September 4, 2026.
Renaissance Capital Africa, in a separate initiation-of-coverage report, estimated a fair-value range of $53.89 billion to $62.09 billion, with its bull-case valuation reaching $62.09 billion. Its base-case equity valuation was $56.25 billion.
The valuations come as Dangote Refinery moves towards a proposed initial public offering (IPO), which is expected to broaden ownership of the strategic asset and provide additional capital for its expansion programme.
