Africa’s richest industrialist, Aliko Dangote, has announced plans to list up to 10 percent of his flagship refinery on the Nigerian Exchange (NGX) within the next year, aiming to attract fresh capital while retaining majority control of the $19 billion facility.

In an interview with S&P Global, Dangote revealed that the stake sale—expected to fall between 5 and 10 percent—will mirror the successful public offerings of Dangote Cement and Dangote Sugar Refinery. “We don’t want to keep more than 65%-70%,” he said, indicating a phased rollout based on investor appetite and market conditions.

The Dangote Petroleum Refinery, which began operations in 2024, is already producing refined products to reduce Nigeria’s reliance on imports. The NGX listing is part of a broader strategy to scale up output and attract strategic partners, particularly from the Middle East, to support expansion toward a 1.4 million barrels per day (bpd) capacity—surpassing India’s Jamnagar refinery, currently the world’s largest at 1.36 million bpd.

By the end of 2025, Dangote expects output to rise from 650,000 bpd to 700,000 bpd. The group is also ramping up its petrochemical footprint, with polypropylene production set to increase from one million to 1.5 million metric tonnes annually. New ventures into base oils and linear alkylbenzene are also on the horizon, alongside a potential push into China’s petrochemical market.

“Our business concept is going to change,” Dangote said. “Now, instead of being 100 percent Dangote-owned, we’ll have other partners.”

The Nigerian National Petroleum Company Limited (NNPCL), which currently holds a 7.2 percent stake in the refinery, may see its share increase following a performance review. “I want to demonstrate what this refinery can do, then we can sit down and talk,” Dangote added, hinting at further negotiations tied to the next phase of expansion.

On the policy front, Dangote praised President Bola Tinubu’s naira-for-crude initiative, predicting a 40 percent reduction in foreign exchange demand by trading oil in local currency. He also acknowledged lingering technical issues at the refinery, noting that a one-month shutdown may be necessary for final adjustments. “We have resolved most, not all, but most of the problems,” he said, adding that the pause would be timed to avoid disrupting peak fuel demand.

The planned listing marks a strategic pivot for Dangote Industries, signaling a shift from sole ownership to collaborative growth as Nigeria pursues energy independence. Analysts say the move could energize the local capital market, though volatility and investor sentiment will be key to its success.