Africa’s biggest refinery is preparing for a landmark IPO while planning to more than double its capacity to 1.4 million barrels a day by 2029.

Lagos, Nigeria (Running Africa) — Nigeria’s Dangote Petroleum Refinery is moving ahead with what is expected to become Africa’s largest-ever initial public offering (IPO) as the company pursues a $14.3 billion expansion aimed at doubling its refining capacity.

The company plans to offer 4.1 billion shares at 525 naira ($0.40) each, potentially raising about 2.15 trillion naira ($1.63 billion).

The offer is scheduled to run from September 14 to October 13, with the shares expected to begin trading in late November.

Dangote Refinery IPO Could Raise $1.63 Billion

The planned listing would represent another major milestone for the Lagos-based refinery, which began operations in 2024 following an estimated $20 billion in construction costs.

The IPO comes as Dangote prepares for a major expansion of its refining and petrochemical operations.

The company plans to increase processing capacity from about 700,000 barrels per day to 1.4 million barrels per day by 2029.

$14.3 Billion Expansion Targets 1.4 Million Barrels Per Day

Dangote says the $14.3 billion investment will add refining and petrochemical capacity, allowing the facility to produce and export a wider range of petroleum products.

If the expansion reaches its planned capacity, the Lagos refinery would move closer to the scale of India’s Jamnagar refining complex, currently regarded as the world’s largest.

Founder Aliko Dangote has said his ambition is for the Nigerian facility to become the world’s largest single-site refinery.

Dangote Refinery Expands Nigeria’s Global Energy Role

Since beginning operations in 2024, the Dangote Refinery has reshaped Nigeria’s fuel market, increasing domestic refining capacity in a country that has historically relied heavily on imported petroleum products.

The facility has also strengthened Nigeria’s ability to export refined fuels.

The proposed expansion would take the refinery further beyond its role as a domestic fuel supplier, positioning it as an increasingly important player in global refining and petrochemicals.

With a potential $1.63 billion IPO and a $14.3 billion capacity expansion underway, Dangote is betting that its Lagos refinery can become one of the world’s largest and most influential energy facilities.