Dangote Refinery is positioning itself for a much bigger role in Africa’s energy market with a $14.3 billion expansion that will double its processing capacity, while its planned public listing opens ownership of the massive Nigerian project to a wider pool of investors.

The Lagos-based refinery plans to increase capacity from 700,000 barrels per day to 1.4 million barrels per day by 2029.

At that level, the facility would rank among the world’s largest refineries and strengthen Nigeria’s position as a major supplier of refined petroleum products to African and international markets.

The expansion comes as Dangote Refinery prepares for an IPO targeting about 2.15 trillion naira ($1.63 billion), in what is expected to become Africa’s largest-ever share offering.

The offer is scheduled to open Sept. 14 and close Oct. 13, with trading potentially beginning in late November.

IPO puts Nigerians at the center

The company is offering 4.1 billion shares at 525 naira each, with an option to increase the offer if demand exceeds the initial allocation. The strategy is aimed heavily at retail investors, including Nigerians, members of the diaspora and investors elsewhere in Africa.

That makes the listing more than a capital-raising exercise. It gives smaller investors an opportunity to own part of one of Africa’s biggest privately built industrial assets while providing Dangote Refinery with access to public-market capital for its next phase of expansion.

The timing also comes after a sharp improvement in the refinery’s financial performance. The company reported an after-tax profit of $1.82 billion in the first half of 2026, compared with a $476 million loss for the whole of 2025.

Dangote bets on Africa’s fuel market

The refinery has already changed Nigeria’s fuel supply landscape since beginning operations in 2024. Its exports include jet fuel, diesel and other refined products, giving the company a growing presence beyond Nigeria.

Aliko Dangote has also indicated that Abu Dhabi National Oil Co., or ADNOC, is interested in investing in the refinery, although details remain confidential.

The expansion is part of a broader African strategy for Dangote, whose business interests span cement, sugar and other industries.

The group is also pursuing a refinery project on Kenya’s coast that is expected to supply petroleum products to Kenya and neighboring East African markets.

With the IPO and $14.3 billion expansion moving forward at the same time, Dangote Refinery is seeking to turn a landmark Nigerian industrial project into a broader African energy and investment platform.