Aliko Dangote, Africa’s wealthiest man, has announced plans to take his fertiliser business public on the Nigerian Exchange via an initial public offering in 2028.
He told Bloomberg TV that the proposed listing will make it one of the world’s largest fertiliser companies by value.
The News Chronicle reports that the founder of the Dangote Group intends to diversify his business interests by boosting investments in fertiliser, energy, and other key areas to enhance local production and reduce the country’s reliance on imports.
The listing will also see his group leverage more on the Nigerian capital market as it prepares to take his Dangote Petroleum Refinery to the stock exchange.
Dangote said they would continue to invest in businesses that would create employment opportunities, add value, and earn foreign exchange while positioning Nigeria to retain more value from its produce in the continent.
The fertiliser company currently hosts one of the world’s largest urea production plants at the Dangote complex in Lekki, Lagos.
The facility has propelled Nigeria to the forefront of fertiliser production, supporting the government’s agenda of positioning the country as a food-producing state.
Market players note that the proposed initial public offering (IPO) of the fertiliser company will add value to the NGX and create more investment opportunities for Nigerians and Africans to participate in the growth of the enterprise.
