The planned Initial Public Offering of Dangote Petroleum Refinery has received support from African and international leaders, who say the share sale could give more Africans an opportunity to benefit from the country’s growing industrial wealth.
The leaders spoke at the 2026 ADF Africa Diaspora Leadership Programme Young Global Leaders Convening in Lagos, where they described the refinery as an example of Africa’s ability to deliver major industrial projects.
President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said the IPO was designed to extend ownership of the refinery beyond its promoters and allow ordinary Africans to participate in the wealth generated by the project.
Dangote said he wanted people across different income groups, including drivers and small business owners, to have an opportunity to invest in the refinery.
He added that the broader goal was to support industrialisation, create jobs and attract more investment into Africa.
Former United States Assistant Secretary of State for African Affairs, Ambassador Jendayi Frazer, also backed the proposed IPO, saying it could connect African investors, pension funds, individual savers and the diaspora to the continent’s industrial growth.
According to her, the refinery has already changed the outlook for Africa by demonstrating that economic strength is not only about natural resources but also the ability to process, finance, transport and sell products.
Lagos State Governor, Babajide Sanwo-Olu, called for a new approach to industrial ownership that would allow ordinary citizens, institutional investors and Africans in the diaspora to own stakes in major strategic assets.
Sanwo-Olu described the Dangote Refinery as an example of what could be achieved through large-scale investment and local industrial development.
He noted that the project required the development of supporting infrastructure, including a jetty and power plant, because existing facilities were not sufficient for the scale of the refinery.
The governor also recalled the difficulties faced during the construction of the project, including the COVID-19 pandemic and significant currency depreciation.
The proposed IPO is therefore being positioned as more than a fundraising exercise, with its promoters and supporters presenting it as an opportunity to widen participation in African industrial wealth.
Dangote said the refinery could eventually become Africa’s largest company by size and profitability, while also helping to attract further investment and create economic opportunities across the continent.
