Nigeria's Dangote Group plans to list its oil refinery, Africa's largest, on the Nigerian stock exchange in 2025, aiming to reduce foreign exchange pressures and meet domestic demand for refined products.
Nigeria’s Dangote Group plans to list its company Dangote Petroleum Refinery & Petrochemicals, which runs Africa’s largest refinery, on the Nigerian stock exchange in early 2025, the group’s president Aliko Dangote said this weekend. The group also plans to list another multi-billion-dollar subsidiary, Dangote Fertiliser Limited , on the domestic stock market in the first quarter of next year, Dangote, who is Africa’s richest person, told Nigerian media.
So far in 2024, the Dangote refinery, which opened for operations earlier this year, has already bought more than 16 million barrels of West Texas Intermediate crude, according to data compiled by Bloomberg last week. The refinery is primarily using Nigerian crude, but the share of U.S. crude is set to further rise in August and September, as Dangote has put out tenders for more U.S. crude supply, per data from tenders seen by Bloomberg.
Dangote Fertiliser Limited Nigerian Stock Exchange Africa's Largest Oil Refinery Public Listing U.S. Crude Oil Imports Refined Petroleum Products Diesel Exports Gasoline Exports Foreign Exchange Pressures
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