Aliko Dangote has announced plans to list the Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange to broaden African ownership in industrial development. The announcement was made during a visit by top South African investment officials, including Frans Baleni, chairperson of the Government Employees Pension Fund (GEPF), Musa Mabesa, principal executive officer of GEPF, Mongwena Maluleke, deputy chairperson of the Public Investment Corporation (PIC), Patrick Dlamini, CEO of PIC, and Genevieve Sangudi, managing partner of Alterra Capital Partners. They toured the Dangote refinery and fertiliser plants in Ibeju-Lekki, Lagos.
Dangote described the listing as a move to allow Africans direct participation in the continent's industrial transformation. He said the refinery project reflects the vast opportunities in Africa's energy sector, where most countries still import refined petroleum despite rising demand. The refinery's output, including polypropylene and aviation fuel, is already below required supply levels, with Dangote stating, "We are practically living hand to mouth because the market demand is extremely high."
Frans Baleni said the refinery proves Africa can deliver large-scale industrial projects with visionary leadership and long-term funding. He added that the project should change global and continental perceptions of Africa's industrial capacity. Patrick Dlamini quoted Nelson Mandela, saying, "It always looks impossible until it's done," and noted PIC's interest in African infrastructure partnerships. PIC manages about $230 billion, largely for South Africa's public sector pension fund.
Separately, Dangote Industries Limited has started preliminary work on the Olokola Deep Seaport, a multi-billion-dollar project at the Olokola Free Trade Zone. The company's management, led by Capt. the Managing Director of Infrastructure and Logistics, began community engagement activities ahead of full execution.
Aliko Dangote promotes broad African ownership of the refinery while the listing remains pending, leaving retail investors waiting. The South African pension fund leaders praised the project's scale, yet no binding investment commitment was announced. Dangote's call for inclusive industrial growth contrasts with the absence of clear access terms for small African investors. The vision of shared prosperity hinges on details still undisclosed.
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