RismadarVoice Reporters
September 11, 2026
The proposed initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals has received support from African and international leaders, who say wider ownership could deepen wealth creation and industrial investment across the continent.
The leaders spoke at the 2026 ADF Africa Diaspora Leadership Programme Young Global Leaders Convening in Lagos.
They said the proposed IPO could enable ordinary Africans, pension funds, institutional investors and members of the diaspora to acquire stakes in one of Africa’s largest industrial projects.
Speaking during a fireside chat, President and Chief Executive Officer of Dangote Industries Limited, Aliko Dangote, said the IPO was designed to extend the benefits of the refinery beyond its promoters.
Dangote said he wanted ordinary Africans, including workers and small business owners, to have the opportunity to invest in the refinery and participate in its future growth.
He said the broader objective was to accelerate industrialisation, create jobs and attract investment into Africa.
Former United States Assistant Secretary of State for African Affairs, Ambassador Jendayi Frazer, also backed the plan, saying the IPO could create broader participation in Africa’s industrial wealth.
According to her, allowing African institutions, individual investors and the diaspora to own shares in major industrial assets would strengthen the connection between investment and local production.
Lagos State Governor Babajide Sanwo-Olu similarly advocated wider African ownership of strategic assets, saying ordinary citizens and institutional investors should have opportunities to benefit from the continent’s industrial growth.
Sanwo-Olu highlighted the scale of infrastructure developed around the refinery, noting that the project required additional facilities, including a jetty and power plant, to overcome infrastructure limitations.
He also recalled the challenges faced during the refinery’s construction, including the COVID-19 pandemic and currency depreciation, as well as widespread doubts about whether the project would eventually become operational.
