The proposed Initial Public Offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE could add approximately $60 billion to the total market capitalisation of the Nigerian Exchange (NGX) if fully subscribed and subsequently listed, the Federal Government has said.
The Federal Ministry of Industry, Trade and Investment (FMITI) said the transaction would deepen Nigeria’s equity market, attract new investors and demonstrate the capacity of the domestic capital market to support large-scale industrial enterprises.
Jumoke Oduwole, Minister of Industry, Trade and Investment, disclosed this in a statement issued to journalists on Wednesday in Abuja, describing the offering as a major milestone for Nigeria’s investment climate, industrial development and capital market.
According to Oduwole, the potential $60 billion increase would significantly expand the size of Nigeria’s listed equity market while broadening the range of companies available to investors on the NGX.
She said the transaction also demonstrated how regulatory reforms could unlock capital for productive investment and create opportunities for Nigerians to participate in the country’s industrial growth.
‘Less than three years ago, access by Free Zone Entities to Nigeria’s capital market was a live regulatory constraint being raised directly by investors. Today, a Free Zone Entity operating from Nigeria has launched Africa’s largest-ever IPO.
‘This is translating into investment, and it is precisely the kind of reform-to-investment conversion we want to institutionalise,’ Oduwole said.
The minister said access to the capital market by Free Zone Entities had previously been raised during engagements with private-sector operators, including Dangote Refinery and other operators within the free-zone framework.
She said the concerns triggered engagements among the Securities and Exchange Commission (SEC), free-zone authorities, the Nigerian Exchange and other relevant institutions to establish a workable pathway for Free Zone Entities seeking access to Nigeria’s capital market.
The regulatory framework was subsequently strengthened by President Bola Ahmed Tinubu’s assent to the Investments and Securities Act, 2025, followed by SEC rules governing public offerings by Free Trade Zone Entities, according to the ministry.
Oduwole said the development was significant beyond the capital market because of its potential implications for industrial production and investment.
‘This is not simply a capital-market story; it is an industrialisation story,’ she said.
The minister said the transaction could help mobilise capital around productive assets built in Nigeria, with potential to deepen domestic production, strengthen value chains, support exports, create jobs and provide a platform for further industrial expansion.
FMITI also commended Aliko Dangote and the Dangote Group for their sustained investment in Nigeria, describing the refinery as one of Africa’s largest private industrial investments.
The ministry said the facility had become an important component of efforts to expand domestic refining capacity, reduce dependence on imported petroleum products and strengthen Nigeria’s position in regional and global energy markets.
Oduwole said the IPO was consistent with the broader economic reform direction of President Tinubu’s Renewed Hope Agenda, particularly efforts to create an environment where private businesses can invest, produce and scale while government removes regulatory constraints and strengthens institutions.
For the ministry, the offering also reflects its investment strategy of moving beyond investment announcements to measurable outcomes, including operating projects, reinvestment, expansion, exports and job creation.
‘Our ambition is not merely to attract capital, but to shape an environment in which capital can land, grow and create lasting value,’ Oduwole said.
She added that the government would continue to deepen reforms aimed at unlocking productive investment and connecting Nigerian businesses and production more competitively to African and global markets.