In a significant development, Alhaji Aliko Dangote, President and Chief Executive Officer of Dangote Industries Limited, announced that the Dangote Petroleum Refinery will be listed on the Nigerian Exchange before the end of March 2025. This announcement comes as the refinery delays the supply of Premium Motor Spirit (PMS), commonly known as petrol, to August 2024.
Dangote made this disclosure during a tour of the refinery and the Dangote Fertilizer plants in Ibeju-Lekki, Lagos, attended by senior journalists on Sunday. He explained that the refinery is set to commence the rollout of petrol in August 2024, having resolved its crude oil supply issues with the assistance of the Nigerian National Petroleum Company Limited (NNPC) and the Federal Government.
“We plan to list the refinery and petrochemical before the end of the first quarter of next year,” Dangote stated, indicating the company’s strategic move to make its operations more transparent and accessible to investors.
The delay in petrol supply, previously scheduled for July, has been attributed to challenges with crude oil supply. However, Dangote reassured stakeholders that these issues have been addressed. “The issue of crude has been settled last week. But we hope that the IOCs will respect it,” he added, referring to the International Oil Companies involved in the supply agreements.
The resolution of these supply issues is a critical step forward for the Dangote Refinery, which is poised to play a significant role in Nigeria’s energy sector. The refinery’s ability to produce petrol domestically is expected to reduce Nigeria’s reliance on imported fuel, thereby stabilizing the local market and potentially lowering fuel prices.
During the tour, journalists were given an in-depth look at the state-of-the-art facilities of the Dangote Refinery and Fertilizer plants, highlighting the scale and sophistication of the projects. The refinery, once fully operational, is set to be one of the largest in the world, with a capacity to refine 650,000 barrels of crude oil per day.
The impending listing on the Nigerian Exchange is anticipated to attract substantial investor interest, given the refinery’s potential impact on the Nigerian economy and its energy independence. This move aligns with Dangote Industries’ broader strategy to enhance corporate governance and increase shareholder value.
As the August 2024 date for petrol production approaches, industry stakeholders and the public will be closely monitoring the progress of the refinery. The successful rollout of petrol and the subsequent listing on the exchange will mark significant milestones in the realization of Nigeria’s energy goals and economic development.
