MON, NOV 27 2023-theGBJournal|Nigerian business magnate Aliko Dangote has revealed plans to list his $20 billion oil refinery on the Nigerian Exchange Limited (NGX), marking a significant milestone for Dangote Industries, Africa’s largest conglomerate.
Aliko Dangote dropped the hint during a recent interview with the Financial Times where he also revealed that the refinery have resolved all the issues with crude supply, which inherently paved the way for the 650, 000 barrel per day refinery’s listing in the Nigerian Exchange Limited.
The listing on the Nigerian Exchange presents opportunities with huge impact on Nigeria’s Stock Market
According analysts at Comercio Partners, the refinery’s listing could potentially bolster the positivity of Nigeria’s already bullish stock market, thereby increasing participation from the public.
”The listing might attract foreign investors seeking opportunities in the projected boom of Dangote Industries.”
Meanwhile, the business mogul confirmed recently that the refinery will start production in December 2023, with 350,000 per day as first target. He also confirmed that a deal has being sealed for the the first cargo of about 6 million barrels of crude for delivery in December 2023.
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