News

Africa’s largest refinery, the Dangote Refinery, has reaffirmed plans to list a minority stake on the Nigerian Exchange (NGX) in 2026 – a move that could represent a significant milestone for Nigeria’s capital markets.

Aliko Dangote, Founder and President/Chief Executive of CWEIC Strategic Partner the Dangote Group, says the proposed listing would allow investors to purchase shares in naira while receiving dividends in U.S. dollars, an approach intended to attract broad domestic and international participation and mitigate currency risk. The refinery is expected to generate billions of dollars annually in export revenue once fully operational, underscoring its strategic importance to Nigeria’s economy.

The planned listing highlights the evolving sophistication of capital markets across Commonwealth economies and the growing focus on innovative structures that support investor confidence, market depth and long-term economic growth.

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