Dangote IPO could lift GDP to $600bn — Rewane

—Refinery expansion to drive investment, exports, industrial output

By Obas Esiedesa, Abuja

ABUJA — The proposed N2.15 trillion Initial Public Offering, IPO, by Dangote Refinery could help increase Nigeria’s Gross Domestic Product, GDP, from about $278 billion to $600 billion by 2030, economist and Chief Executive Officer of Financial Derivatives Company, FDC, Mr Bismarck Rewane, has said.

Rewane, who spoke at the Abuja investor roadshow for the refinery’s IPO, said the investment could generate significant multiplier effects through increased industrial output, investment, consumer spending and exports.

He said the planned expansion of the refinery from its current 650,000–700,000 barrels per day capacity to 1.4 million barrels per day represented a major private-sector investment capable of significantly changing the structure of the Nigerian economy.