Nigeria’s industrial landscape is on the brink of a historic financial milestone as the Dangote Petroleum Refinery & Petrochemicals prepares to launch what could become Africa’s largest initial public offering (IPO), with plans to raise up to $5 billion from investors.

The move, driven by Africa’s richest man, Aliko Dangote, signals a new phase in the evolution of the continent’s capital markets, as the refinery positions itself for broader ownership and increased investor participation.

Sources familiar with the transaction indicate that the public offer could open as early as May, with the company currently valued between $40 billion and $50 billion. The IPO is expected to release between 5 and 10 percent of the company’s equity, creating room for both domestic and international investors to take part in one of Africa’s most significant industrial ventures.

Market analysts say the listing could deepen liquidity across African exchanges and serve as a benchmark for cross-border capital mobilisation.

To structure the offering, the Dangote Group has assembled a consortium of financial advisers. Stanbic IBTC Capital will coordinate international placements and investor relations, while Vetiva Capital Management will handle retail distribution within Nigeria. FirstCap has been tasked with managing institutional investor participation, particularly among pension funds.

The refinery, located in the Ibeju Lekki Free Zone, remains the world’s largest single-train crude processing facility. Built at a cost of $20 billion, it was commissioned in 2023 and began operations in 2024 after nearly a decade of construction.

With a processing capacity of approximately 650,000 barrels per day, the facility has already begun reshaping fuel supply dynamics in Nigeria and across Africa. It currently meets between 35 and 50 percent of Nigeria’s domestic petrol demand, while exports to other African markets continue to expand.

In recent months, the refinery has shipped multiple cargoes of refined petroleum products across the continent, reflecting rising demand amid global supply chain disruptions.

Beyond fuel production, the facility produces up to three million metric tonnes of urea fertiliser annually, supporting agricultural productivity and food security across the region. Expansion plans are also underway to scale up polypropylene production, a key input in manufacturing sectors such as packaging, textiles, and consumer goods.

Financial backing for the project has been significant, with the African Export-Import Bank underwriting $2.5 billion of a $4 billion syndicated loan. According to the bank’s leadership, investments of this scale are critical to strengthening Africa’s economic resilience and driving long-term growth.

The refinery’s economic footprint is already substantial, with over 150,000 direct and indirect jobs created, alongside extensive technical training programmes for Nigerian engineers.

Projections from the International Monetary Fund suggest the refinery could boost Nigeria’s non-oil GDP by 1.5 percent and increase foreign exchange earnings by up to $5.5 billion.

As production ramps up, Nigeria is expected to transition from a net importer of refined petroleum products to a net exporter—marking a major shift in its energy balance.

Regulators, including the Securities and Exchange Commission, are currently reviewing a proposed share structure that would allow investors to purchase shares in naira while receiving dividends in US dollars. The model is designed to attract foreign capital while hedging against currency volatility.

The company is expected to file its prospectus in April, followed by a nationwide investor roadshow. Subject to regulatory approvals and market conditions, trading could commence on the Nigerian Exchange Group between June and July.

Market watchers describe the planned listing as a defining moment for Africa’s financial ecosystem, highlighting the continent’s growing capacity to fund large-scale industrial projects internally.

If successful, the Dangote Refinery IPO could set a new benchmark for capital raising in Africa—while reinforcing Nigeria’s position as a key player in global energy markets.

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Afreximbank President George Elombi has revealed that Aliko Dangote plans to seek an additional $5 billion to expand his Lagos refinery.

Speaking at his investiture in Cairo, Elombi said Dangote personally disclosed the plan, adding that the bank would help source the funds.

“If it is done, it will double his production and cut prices by 50 per cent for Nigeria and West Africa,” Elombi said.

The $20 billion refinery, largely financed by Afreximbank, is Africa’s largest industrial project. Elombi said the expansion would reshape regional fuel supply and boost trade.

He pledged to build on his predecessor Benedict Oramah’s achievements, targeting a $250 billion balance sheet within a decade.

Dangote, in a goodwill message, congratulated Elombi and pledged the Dangote Group’s continued partnership with Afreximbank

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Africa’s skylines are rising fast. From highways to power plants, ports to housing estates, a wave of construction is sweeping the continent, fuelled by rapid urbanisation, industrial growth, and a swelling population. This transformation is reshaping economies and creating one of the world’s fastest-growing construction markets.

The sector, currently worth an estimated $200 billion, is expected to expand to $300 billion by 2032, according to new figures from Afreximbank. Nigeria alongside Algeria, Egypt, Tanzania, and Ethiopia will drive more than half of this growth, with Nigeria standing out as the continent’s most dynamic and influential player.

“Africa is undergoing a transformation,” said Anthony Coleman, Director of Development Research at Afreximbank, during the 4th Intra-African Trade Fair in Algiers. “Population growth, rapid urbanisation, and the push for energy sufficiency are combining to reshape the construction landscape.”

The surge is not isolated from global dynamics. Stagnant growth in Europe has slowed the global construction sector, but the geopolitical fallout of the Russia-Ukraine war has redirected focus toward energy security. That shift has driven demand for liquefied natural gas infrastructure and reconfigured logistics networks trends that are fueling additional construction opportunities in Africa.

“We are seeing companies rethink supply chains and governments invest in energy infrastructure,” Coleman explained. “This has created a ripple effect across African markets.”

Yet the boom is uneven. North Africa dominates, with Algeria and Egypt together accounting for almost one-third of activity in the region. Central, East, and West Africa are beginning to show promise, with Cameroon and Rwanda emerging as bright spots. Still, most countries face a wide infrastructure gap, particularly in transport, energy, and housing.

“The need is clear,” Coleman said. “To keep up with economic expansion, we must match it with roads, ports, power plants, and homes.”

Despite the impressive numbers, African contractors remain largely absent from the biggest deals. Afreximbank’s research revealed that limited technical know-how, weak financing options, and poor visibility of opportunities prevent many local firms from securing government and donor-funded projects.

“Many contractors simply don’t know where the opportunities are,” Coleman noted. “And when they do, they often lack the support needed to win.”

Government agencies voiced parallel concerns, citing doubts over local firms’ ability to deliver at scale and highlighting restrictive financing rules that tilt in favour of foreign companies. “Sometimes the obstacle is written into the financing terms themselves,” Coleman emphasised.

To address these barriers, Afreximbank is launching a centralised digital platform to improve project transparency and access. It is also investing in capacity-building programmes to strengthen the financial, operational, and technical readiness of African contractors.

Perhaps most crucially, the bank is pressing governments and funding partners to reform procurement policies to ensure African EPC firms are directly involved in the continent’s infrastructure build-out.

“We want these projects to be African-led and African-delivered,” Coleman said. “That is how we build resilience and ownership.”

Kanayo Awani, Executive Vice President of the Intra-African Trade Bank, reinforced this point, stressing that local firms play a more strategic role than is often recognised. “Most African EPCs are not merely contractors,” she said. “They are development enablers and key partners in overcoming the financing challenges facing the continent.”

Businessday

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Miller said Africa’s rise is certain but depends on strong and strategic leadership. He warned that without careful planning, the continent risks repeating past mistakes.

He criticized past global partnerships, saying many only took resources and left broken promises. He called for private sector-led investments instead of debt-driven deals.

Miller urged African countries to focus on real value, avoid unsustainable loans, and build strong infrastructure like roads, ports, and data centers.

He also highlighted Africa’s young population and rich resources, saying these could make the continent a key player in the global AI supply chain.

“This is like the Industrial Revolution,” he said. “Africa has a chance to shape its future if it acts now.”

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Dr. Elombi, a Cameroonian national and long-serving executive at the bank, is the fourth President since Afreximbank was founded in 1993. His appointment was confirmed at the bank’s 32nd annual general meetings, held from June 25 to 28 in Abuja. Shareholders gave their final approval on Saturday.

He will officially replace Professor Benedict Oramah, who has led the bank since 2015 and is set to step down in September 2025.

Dr. Elombi began his career at Afreximbank in 1996 as a Legal Officer. Over nearly 30 years, he rose through the ranks, taking on key roles such as Executive Vice President for Governance, Legal and Corporate Services, Director and Executive Secretary, and Chief Legal Officer. Before joining Afreximbank, he taught law at the University of Hull in the United Kingdom.

Dr. Elombi has played a central role in the bank’s growth. He helped establish several subsidiaries and expand the bank’s reach across Africa. During the COVID-19 pandemic, he chaired the Emergency Response Committee, leading efforts to mobilise over $2 billion for vaccine procurement and distribution across Africa and the Caribbean. Under his leadership, the Equity Mobilisation and Investor Relations department raised $3.6 billion in equity as of April 2025.

In his acceptance speech, Dr. Elombi expressed his commitment to the bank’s mission. “I have had the privilege of working with visionary leaders and colleagues to shape this institution’s mandate and growth,” he said. “Looking ahead, I see Afreximbank as a driver of Africa’s industrialisation and a symbol of dignity for Africans everywhere. I will work to preserve and grow this legacy.”

He also pledged to continue pursuing the bold target set by his predecessor: transforming Afreximbank into a $250 billion institution within the next decade.

Dr. Elombi holds a Master of Laws (LL.M.) and a Ph.D. in commercial arbitration from the London School of Economics, University of London. He also earned a Maitrise-en-Droit from the University of Yaoundé.

His appointment followed a rigorous global selection process that began in January 2025. The search included an open international call for applications, interviews by a top executive search firm, and a final recommendation from the Board of Directors to the shareholders.

Under the Afreximbank charter, the President is appointed by the general meeting of shareholders on the Board’s recommendation. The term is five years and may be renewed once.

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Describing Oramah as a visionary leader, President Tinubu lauded his efforts in expanding intra-African trade, streamlining payment systems, and driving critical development initiatives across the continent. “Today is your day, Prof. Oramah,” Tinubu declared. “I have the privilege of bestowing upon you one of Nigeria’s highest honours in recognition of your outstanding service the Grand Commander of the Order of the Niger.”

Under Professor Oramah’s leadership, Afreximbank’s assets grew exponentially from $5 billion to over $37 billion. His tenure saw the bank play a pivotal role in Africa’s pandemic response, providing financing for over 400 million COVID-19 vaccine doses, supporting industrialisation, and strengthening the creative economy. The president noted that Nigeria alone had benefited from more than $52 billion in support across vital sectors such as energy, infrastructure, agriculture, manufacturing, and healthcare.

Tinubu highlighted landmark projects including the Dangote and BUA Refineries, the African Medical Centre of Excellence, and the Africa Quality Assurance Centre, describing them as emblematic of Africa’s rising potential and Nigeria’s strategic importance. He further commended Nigeria’s adoption of the Pan-African Payment and Settlement System (PAPSS), a move aimed at enhancing cross-border trade and reducing dependency on foreign currencies.

Looking ahead, Tinubu announced the upcoming launch of the Africa Energy Bank, to be headquartered in Abuja with a $5 billion initial capital base, designed to finance Africa’s energy transition and support renewable energy development. Other ongoing collaborations include scaling Nigeria’s fertiliser production capacity to 7.5 million tonnes annually and advancing critical infrastructure such as the $3.5 billion Bakassi Deep Seaport.

President Tinubu underscored Afreximbank’s evolving role as more than a financier but as a strategic partner in building Africa’s economic architecture. Through initiatives like FEDA, AQAC, CANEX, and PAPSS, the bank supports African entrepreneurship, boosts quality standards, and empowers creative and export-driven industries.

Reflecting on Nigeria’s broader economic trajectory, Tinubu reiterated his administration’s commitment to difficult yet essential reforms aimed at stabilising the macroeconomy, promoting inclusive growth, and enhancing productivity. “Since May 2023, under our Renewed Hope Agenda, we have undertaken bold measures, including the removal of the fuel subsidy and unification of exchange rates, to secure a sustainable economic future for all Nigerians,” he stated.

In honoring Professor Oramah, President Tinubu not only celebrated individual excellence but also reaffirmed Nigeria’s resolve to lead in shaping Africa’s economic renaissance.

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Reform, Don’t React
Kale urged leaders to stop waiting for problems to happen. Instead, he wants proactive policies that solve deep-rooted issues. He pointed out Nigeria’s key strengths—its young population and rich natural resources. These, he said, must be used better to gain from African and global trade.

Stabilize the Economy First
He called for quick action to fix the economy. Kale said Nigeria must restore trust in its financial systems. Inflation needs to drop, and investor confidence must grow. He also stressed the need to invest in key areas like farming, tech, manufacturing, and services. Strong institutions will help carry these plans forward.

Farming Is a Weak Spot
Kale raised concerns about agriculture. For example, maize yields in Nigeria are just 1.5 tons per hectare, while the global average is six to eight. This, combined with high post-harvest losses and climate change, makes agriculture risky. Kale believes Nigeria needs more than just any growth—it needs growth that creates jobs and spreads wealth.

Private Sector Calls for Support
Dele Kelvin Oye, head of NACCIMA and leader of the Organized Private Sector, agreed with Kale. He said the U.S. tariff increase will hurt non-oil sectors badly. Oye warned that many businesses could shut down and jobs may be lost. He criticized the government for not consulting business leaders before making major decisions. Sudden changes in taxes and trade rules, he said, make investors nervous.

Time for a Reset
With youth unemployment over 53% and inflation above 23%, Oye believes Nigeria must look beyond the U.S. He advised forming new trade deals with countries in Asia, Africa, and Latin America. Relying on just one trade partner, he said, is risky and limits growth.

Talk Is Not Enough—Act Now
Other experts at the event said Nigeria must move from planning to action. Tayo Aduloju, CEO of the Nigerian Economic Summit Group, said strong institutions are the key. He added that poor leadership and weak systems are the real reasons for Nigeria’s slow progress.

Muda Yusuf, head of the Centre for the Promotion of Private Enterprise, added that Nigeria’s trade rules focus too much on collecting revenue. High tariffs, he said, are putting pressure on businesses and blocking investment.

The Message Is Clear
Nigeria is running out of time. The economy won’t fix itself. Leaders must choose: real growth or more hardship. Kale’s message was loud and clear—the country must act now, or fall further behind.

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The financing is aligned with Nigeria’s “Destination 2030” initiative, which aims to position the country as a global leader in soft power by 2030. The initiative has been set in motion by President Bola Tinubu with clear Key Performance Indicators (KPIs), according to a statement from Musawa’s media aide, Nneka Anibeze.

Musawa highlighted that the partnership with Afreximbank is a critical part of achieving the ministry’s ambitious goals for the creative economy under the Vision 2030. She called on stakeholders, including investors and global collaborators, to support the initiative, which aims to create 2 million jobs and contribute $100 billion to Nigeria’s GDP.

“To fully realize this vision, I urge investors, development partners, and global collaborators to join us in creating 2 million jobs and contributing $100 billion to the national GDP,” Musawa said.

Afreximbank’s Role in Fostering Growth

Benedict Oramah, president and chairman of Afreximbank, confirmed the partnership during an event in New York. He noted that the $200 million facility will support the ministry’s new initiatives focused on promoting sustainable economic growth within Nigeria’s creative sector.

Oramah emphasized the importance of investing in Africa’s creative industries to position the continent as a global cultural leader. “We are pleased to work with the Federal Ministry of Arts, Culture, and the Creative Economy to provide this financing facility. It will be used to support new laudable initiatives in the creative and cultural industries,” he said.

Oramah also commended the ministry’s commitment and alignment with Afreximbank’s strategy for the creative sector, expressing hopes to strengthen pan-African partnerships through the initiative.

Economic Impact and Growth Prospects

The $200 million financing is expected to create jobs, attract global investments, and support creative entrepreneurs, ultimately boosting Nigeria’s GDP. Musawa noted that the ministry has already seen a 36 percent increase in Nigeria’s cultural influence and an 18 percent rise in the Brand Perception Index. The facility is expected to accelerate these gains and expand the country’s influence in the global creative market.

As Nigeria moves forward with its Destination 2030 plan, the collaboration between the government and Afreximbank is seen as a major step toward transforming the nation into a cultural powerhouse and a leader in the global soft power arena.

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Minister of Industry, Trade and Investment, Doris Uzoka-Anite, disclosed this development in a statement released on Tuesday. The agreement, she explained, was formalized during the 31st Afreximbank Annual Meeting held in Nassau, The Bahamas.

Uzoka-Anite highlighted that the agreement aligns with President Bola Ahmed Tinubu’s vision for diversifying and strengthening Nigeria’s economy.

READ ALSO: Afreximbank Commits to Funding Crucial Enugu Development Project

“I am delighted to announce the signing of a historic $3.5 billion MOU between @TradeInvestNG and @afreximbank at the 31st Afreximbank Annual Meeting in Nassau. This landmark agreement is a significant step towards realizing President Bola Ahmed Tinubu’s vision for a diversified and prosperous Nigerian economy,” she stated.

Key aspects covered under the agreement include:

• $3 Billion Industrialization Financing Facility: Accelerating Nigeria’s industrialization efforts.
• State-Wide Investment Vehicles/Projects: Attracting investments to foster regional development.
• Global Country Guarantee: Boosting investor confidence through guaranteed investments.
• Revamping the Textile and Apparel Industry: In collaboration with Arise Integrated Industrial Platforms, targeting substantial project capital expenditure and job creation.
• Developing the CNG Value-Chain: Enhancing sustainability in the automotive and transport sectors.

The Minister reiterated the government’s commitment to attracting $3.5 billion in investments within the textile, cotton, and apparel sectors, aiming to rejuvenate these vital industries.

She emphasized that this initiative would significantly impact Nigeria’s industrial landscape, generating employment opportunities across various skill levels and driving sustainable economic growth.

“This collaboration with Afreximbank is poised to transform our industrial sector, create jobs, and foster sustainable economic growth. Together, we are paving the way for a brighter and more prosperous Nigeria,” Uzoka-Anite concluded.

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In a recent visit to the Government House in Enugu, Prof. Benedict Oramah, the President of Afreximbank, highlighted the institution’s keen interest in Enugu State’s progress. This interest, as stated by Oramah, was fueled by the visionary leadership of Mr. Mbah and his remarkable efforts within the state.

During this encounter, Oramah praised Mbah’s investment and development initiatives, aligning them with Afreximbank’s broader goals for advancing African growth. He emphasized the interconnectedness between Nigeria’s success and the continent’s overall development, affirming that positive strides in Nigeria invariably benefit Africa.

Expressing gratitude for the collaborative discussions held previously in Cairo regarding Enugu’s developmental priorities, Oramah commended Mbah’s strategic vision for leveraging sub-national contributions to propel national and continental aspirations.

READ ALSO; Sterling Bank Announces Full Deployment of Solar Energy in 17-floor Headquarters

Highlighting specific areas for collaboration, Oramah revealed plans to support ongoing projects such as the hotel, Conference Centre, and the new terminal at the airport. He emphasized the pivotal role of the airport in establishing an agro-processing zone, underscoring its significance in regional economic growth.

Furthermore, Oramah expressed interest in the healthcare sector, citing plans for an African Medical Centre of Excellence in Abuja and indicating a potential collaboration with Enugu’s medical center. Additionally, he noted Afreximbank’s inclination toward contributing to the development of solid minerals in the state.

Recognizing the importance of infrastructural connectivity, Oramah acknowledged joint efforts in road projects linking Enugu to Cameroon. To expedite these initiatives, he proposed establishing a preparation facility to facilitate the development of feasible intervention plans.

The visit signaled Afreximbank’s commitment to fostering Enugu State’s holistic development across multiple sectors, cementing a promising partnership to drive sustainable growth in the region.

Source: Nairameterics

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