South African investors eye Dangote Refinery listing

President and Chief Executive of the Dangote Group, Aliko Dangote, has said the planned listing of the Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange is intended to open Africa’s industrial growth story to wider investor participation, as major South African institutional investors signal strong interest in the project. Dangote spoke during a visit […]

President and Chief Executive of the Dangote Group, Aliko Dangote, has said the planned listing of the Dangote Petroleum Refinery & Petrochemicals on the Nigerian Exchange is intended to open Africa’s industrial growth story to wider investor participation, as major South African institutional investors signal strong interest in the project.
Dangote spoke during a visit by senior executives of South Africa’s Government Employees Pension Fund (GEPF), Public Investment Corporation (PIC), and Alterra Capital Partners to the Dangote Petroleum Refinery & Petrochemicals and Dangote Fertiliser Limited in Lagos.
The delegation included GEPF Chairperson, Frans Baleni; GEPF Principal Executive Officer, Musa Mabesa; PIC Deputy Chairperson, Mongwena Maluleke; PIC Chief Executive Officer, Patrick Dlamini; and Managing Partner of Alterra Capital Partners, Genevieve Sangudi.
Their visit comes amid growing investor appetite for Africa-led industrialisation and infrastructure projects capable of delivering long-term economic returns.
Speaking on the proposed refinery listing, Dangote said the initiative would allow Africans and institutional investors to participate directly in one of the continent’s largest industrial ventures.

“We are opening the doors for investors to participate directly in Africa’s industrial future and the prosperity it will create,” Dangote said.

According to him, Africa’s next phase of economic growth must be driven by large-scale industrial projects that can create jobs, expand domestic production capacity, and reduce dependence on imports.

He noted that the refinery project demonstrates the scale of opportunities within Africa’s energy sector, especially as many countries across the continent continue to import refined petroleum products despite rising demand.

Dangote explained that the Group’s long-term investment strategy is focused on meeting Africa’s growing energy needs while building refining capacity that can serve markets across the continent.

He also revealed that demand for products such as aviation fuel, polypropylene, and refined petroleum products had exceeded earlier projections, reinforcing the commercial viability of the refinery.

“We thought about Nigeria first and then exports, but even with our current production, we are practically living hand to mouth because the market demand is extremely high,” he said.

After touring the facilities in Ibeju-Lekki, Baleni described the refinery as a landmark achievement capable of reshaping global perceptions about Africa’s industrial capabilities.

“If it can be done anywhere else in the world, it can be done in Africa,” Baleni said. “This project has shown that the continent is capable of achieving world-class industrialisation at scale.”

He added that the refinery demonstrates what is possible when visionary leadership is matched with long-term investment and technical expertise.

“What has been built here is reshaping how the world should think about African industrial capability — and it should reshape how Africa thinks about itself,” he stated.

On his part, Dlamini described the Dangote Refinery as one of the most transformative industrial projects undertaken on the continent.

Quoting former South African President Nelson Mandela, he said, “It always looks impossible until it’s done. This project is redefining the story of Africa and the possibilities of Africa.”

Dlamini disclosed that PIC, which manages about $230 billion in assets mainly on behalf of GEPF, is actively exploring long-term investment opportunities aligned with industrialisation, infrastructure development, and economic transformation across Africa.

According to him, poverty, unemployment, and economic exclusion remain major challenges across the continent, making industrialisation and job creation essential to Africa’s future prosperity.

The planned listing of the Dangote Refinery is expected to attract strong investor attention as African institutional investors increasingly seek strategic opportunities capable of delivering both commercial returns and economic impact.