Aliko Dangote, president of the Dangote Group, is offering a unique incentive to attract investors to his $20 billion refinery when it lists on the Nigerian Exchange (NGX) next year: dividends paid in U.S. dollars, even though shares will be bought in naira.

Speaking at Eko Hotel in Lagos, Dangote said the plan aims to protect investors from the naira’s volatility. “You buy in naira, but you get dividends in dollars,” he explained, highlighting a model that could give Nigerian investors a rare hedge against currency fluctuations.

The dollar payouts will be supported by an expected $6.4 billion in revenue from the refinery’s petrochemical exports, including polypropylene and fertilizers. This move is part of Dangote Group’s ambitious plan to grow its revenues to $100 billion by 2030, up from $18 billion today, and achieve a market capitalization exceeding $200 billion.

Over the past five years, Dangote Group’s revenues have risen from $3.3 billion to $18 billion, while earnings before interest, tax, depreciation, and amortization (EBITDA) increased from $1.8 billion to $2.8 billion.

Dangote confirmed that 10 percent of the refinery and petrochemicals complex will be offered to the public via the NGX. While international secondary listings are possible in the future, the Nigerian market remains the priority. “We want the Dangote Refinery to be the golden stock of the exchange,” he said.

The 650,000-barrel-per-day facility began diesel and aviation fuel production in January and added petrol in September. Plans are underway to expand production to 1.4 million barrels per day within three years, more than doubling output and supporting Nigeria’s goal of fuel self-sufficiency.

Industry experts say the dollar dividend offer could set a new standard for Nigerian companies seeking investment amid naira depreciation, though questions remain on regulatory approval and sustaining dollar payouts in a foreign exchange-constrained economy.