Dangote Targets $200bn Market Cap Ahead Refinery NGX Listing

President of Dangote Group, Aliko Dangote, has announced ambitious growth plans for the Dangote Group, targeting a market capitalisation exceeding $200bn and annual revenue of $100bn by 2030.

The projections come as the conglomerate prepares to list its $20bn refinery on the Nigerian Exchange (NGX) in 2026.

The Dangote Refinery, which currently produces 650,000 barrels of oil per day, is set to become a central pillar of Nigeria’s drive to reduce fuel imports.

Plans are already underway to double its production capacity to 1.4 million barrels per day within three years, positioning it as one of the largest single-train refineries in the world.

Dangote said the upcoming initial public offering (IPO) would allow investors to buy stakes in naira while receiving dividends in U.S. dollars, offering both local and foreign investors a rare hedge against currency risk.

The dollar-backed payout is expected to be supported by projected revenues of $6.4bn from petrochemical exports, including polypropylene and fertiliser.

The conglomerate’s growth trajectory has been remarkable. Over the past five years, Dangote Group’s revenue increased from $3.3bn to $18bn, while earnings before interest, tax, depreciation, and amortisation (EBITDA) rose from $1.8bn to $2.8bn.

The group controls three other listed entities on the NGX—Dangote Sugar Refinery, NASCON Allied Industries, and Dangote Cement, the latter ranking among the exchange’s top three most valuable companies.

Dangote emphasised that the primary focus of the refinery IPO is the domestic market, although international secondary listings remain an option.

“We want the Dangote Refinery to be the golden stock of the exchange,” he said. The company is actively engaging with the Nigerian Exchange and the Securities and Exchange Commission to ensure regulatory compliance and smooth execution of the IPO.