The Independent Petroleum Marketers Association of Nigeria has urged its members nationwide to invest in the planned Initial Public Offering of the Dangote Petroleum Refinery, as Financial Derivatives Company Chief Executive Officer, Bismarck Rewane, projected that Nigeria’s economy could expand to $600bn by 2030.
IPMAN described the share sale as an opportunity for petroleum marketers to become equity owners in Nigeria’s refining industry, while Rewane said increased private-sector investment and the multiplier effects of large industrial projects such as the Dangote Petroleum Refinery could accelerate economic growth.
In a statement signed by its National President, Abubakar Shettima, on Thursday, the association congratulated the management and board of the Dangote Petroleum Refinery and Petrochemicals on the planned commencement of the IPO and public share sale.
Shettima said the offering would transform the refinery from a privately owned project into an asset in which Nigerians and industry participants could acquire direct stakes.
According to him, IPMAN, which represents independent petroleum marketers operating across the country, recognised the strategic importance of the share sale to Nigeria’s downstream petroleum sector.
