President and Chief Executive of Dangote Industries Limited, Aliko Dangote, has announced plans to list the group’s fertiliser business on the stock market in 2028 as the company expands its operations across Africa.
Speaking in an interview with Bloomberg’s Francine Lacqua at the Qatar Economic Forum UNGA Special Edition in New York, Mr Dangote said the expansion of Dangote Fertiliser was aimed at positioning the business as the world’s largest fertiliser company.
Dangote Fertiliser currently operates a $2.5 billion plant in Ibeju-Lekki, Lagos, with an annual urea production capacity of approximately three million tonnes.
The company plans to increase its annual urea production capacity to 12 million tonnes, while expanding into potash and phosphate mining and producing 2.2 million tonnes of diammonium phosphate (DAP).
“Yes, we will IPO it. It’s going to be the biggest fertiliser company on earth,” Mr Dangote said, confirming that the listing is planned for 2028.
He said the expansion would enable the company to meet more than 40 per cent of Africa’s fertiliser demand and help reduce the continent’s reliance on imported agricultural inputs.
Reducing Africa’s dependence on imports
Mr Dangote linked the investment in fertiliser production to lessons from the Russia-Ukraine war, which disrupted global fertiliser supplies and highlighted Africa’s dependence on imports.
He said the group was focused on processing more of Africa’s raw materials locally, arguing that exporting raw materials limits opportunities for job creation while importing finished products increases economic dependence.
The planned fertiliser IPO will follow the ongoing initial public offering of Dangote Petroleum Refinery, which is targeting 10 million shareholders as part of efforts to broaden African participation in the ownership of major businesses.
Mr Dangote said the refinery IPO initially targeted $2.5 billion, while its private placement attracted $3.7 billion in demand. The company ultimately accepted $2.5 billion and refunded the remaining $1.2 billion.
Dangote plans refinery expansion
Mr. Dangote also disclosed plans to increase the capacity of the Dangote Petroleum Refinery from 700,000 barrels per day to 1.4 million barrels per day by the end of 2028 or the first quarter of 2029.
The expansion is expected to increase petrochemical production to 2.4 million tonnes and raise linear alkylbenzene production from 100,000 tonnes to 400,000 tonnes.
He said the refinery would eventually be dual-listed, with Nigeria serving as its primary market and a proposed New York listing following the planned expansion.
Beyond Nigeria, Mr Dangote said the group was investing between $46 billion and $50 billion across Africa in pipeline, refining and other industrial projects.
The investments, he said, form part of the group’s broader strategy to expand industrial production, process African resources locally and strengthen the continent’s capacity to produce essential commodities.
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