The Nigerian Exchange Group (NGX) has announced that it is working to list the Dangote Refinery and Petrochemicals on the stock exchange before the end of June 2025, as part of efforts to boost market capitalization and strengthen Nigeria’s capital markets.
The listing would mark the first time the $19bn Dangote petroleum processing facility, which began full operations in 2024, is opened up to public investment.
Speaking on Friday, Chairman of the NGX, Dr. Umaru Kwairanga, confirmed that the group is expediting the necessary procedures to enable the refinery’s listing in the second quarter.
“Dangote Refinery has already applied for the listing of its petrochemicals unit, and we are working to ensure it is included before the end of second quarter,” Kwairanga said.
He added that the anticipated listing aligns with President Bola Tinubu’s goal of expanding Nigeria’s GDP to $1tn by 2030.
The listing of major oil sector players like NNPC Ltd. and Dangote Petrochemicals is vital to achieving this vision, Kwairanga said.
These listings will enhance market participation, attract long-term infrastructure investment, improve business formalization, and contribute to a more robust capital market.
In May 2025, the NGX delivered the second-highest returns among Africa’s top five stock exchanges, ranking just behind the Nairobi Securities Exchange.
It outperformed the Casablanca Stock Exchange, Johannesburg Stock Exchange, Egyptian Exchange, and Ghana Stock Exchange.
Despite the performance, Kwairanga noted that Nigeria’s stock market capitalization remains under 20% of GDP, significantly lower than South Africa’s Johannesburg Stock Exchange, which exceeds its national GDP.
To close this gap, the NGX, in collaboration with the Securities and Exchange Commission (SEC), is implementing a range of measures aimed at improving transparency, efficiency, and investor confidence.
“We are working closely with regulators and stakeholders to enhance market accessibility and attractiveness,” Kwairanga added.