The Nigerian Exchange Group (NGX Group) is positioning the planned initial public offering of Dangote Refinery and Petrochemicals FZE, as a pan-African investment opportunity, aiming to attract capital from across the continent and international markets, The Premium Times has reported.

The company, whose Dangote Petroleum Refinery this month increased crude processing capacity to 700,000 barrels per day (bpd), exceeding its official nameplate capacity of 650,000 bpd, plans to list shares in the third quarter of 2026 at a valuation of between $40bn and $50bn, with the company proposing to sell a 5%-10% stake in the business.

NGX Group Chairman Umaru Kwairanga said the exchange was working with stock exchanges across Africa to broaden participation in the anticipated offering and strengthen integration among the continent’s capital markets. Speaking at the London Africa Summit, he said the refinery’s eventual listing should be viewed as an African opportunity rather than solely a Nigerian transaction.

As part of that effort, NGX recently hosted representatives from several African exchanges, including those from Kenya, Ghana and South Africa, and took them on a tour of the refinery complex in Lagos. The visits were intended to provide potential investors with first-hand exposure to the scale of the project and its commercial prospects.

Owned by Nigerian businessman Aliko Dangote, the refinery commenced fuel production in 2024 and has steadily increased output of petrol, diesel, jet fuel and other petroleum products. It currently supplies the domestic market, and exports refined products across Africa and to international destinations including the United Kingdom, France, Spain, Italy and the Netherlands. The facility has also supplied gasoline cargoes to the United States and jet fuel to Saudi Arabia, helping establish its presence in international fuel markets. The refinery is on track to expand processing capacity to 1.4mn bpd within the next 30 months.  

According to Dangote, who is Africa's richest person, rising production has also attracted growing interest from international crude suppliers and commodity traders, with feedstock sourced from both domestic and foreign producers. Furthermore, the refinery's petrochemicals operations will support downstream manufacturing through supplies of liquefied petroleum gas (LPG), polypropylene and other industrial feedstocks. Future plans include production of linear alkylbenzene (LAB), a key raw material used in detergent manufacturing.

Kwairanga said investors were increasingly focused on such tangible assets, operational performance and growth potential rather than broad narratives about emerging markets. He said Africa could attract greater investment by presenting concrete opportunities supported by measurable results.

The NGX chairman also highlighted what he described as strong momentum in Nigeria’s capital markets. According to him, the country’s equities market generated returns of more than 50% during the first five months of 2026, reflecting growing investor interest.

Kwairanga said advances in technology had made it easier for investors worldwide to participate in African markets, while reforms implemented by NGX were helping align Nigeria’s market infrastructure with international standards. These measures include the introduction of a T+1 settlement cycle and extended trading hours.

He also pointed to NGX’s investor outreach campaigns in the United States, Brazil, China and the United Kingdom, which are designed to showcase investment opportunities in Nigeria and strengthen confidence among international investors.

According to Kwairanga, closer cooperation between African exchanges and international financial centres such as London could increase capital inflows, deepen regional capital markets and support long-term economic growth across the continent.

The Nigerian Exchange has emerged as one of Africa's largest capital markets, with total market capitalisation exceeding NGN120 trillion ($77bn) following a strong rally in equities over the past two years. The exchange ranks among the continent's leading bourses alongside the Johannesburg Stock Exchange (JSE), the Egyptian Exchange (EGX) and the Casablanca Stock Exchange (CSE).