• Aliko Dangote
Africa is sitting on enormous economic opportunities that remain largely untapped, President and Chief Executive Officer of Dangote Industries Limited, Alhaji Aliko Dangote, has declared.
Dangote likened the continent to a “scratch card”, saying its vast opportunities would only become visible when Africans and investors take deliberate steps to unlock them.
“Africa is like a scratch card. Unless you scratch it, you don’t see the use of it. The opportunities are immense,” Dangote said.
He spoke in Lagos during the Dangote Petroleum Refinery and Petrochemicals “Facts Behind the Offer” presentation and opening gong ceremony, held to mark the formal opening of the refinery’s Initial Public Offering (IPO) on the Nigerian Exchange Limited (NGX).
The offer comprises 4.1 billion new ordinary shares at ₦525 per share, giving the issue a value of about ₦2.15 trillion, with a minimum subscription of 10 shares valued at ₦5,250.
The offer is scheduled to close on October 13, 2026, subject to the terms contained in the prospectus.
Africa beyond Nigeria
Dangote said the group was looking beyond Nigeria as it seeks to expand its industrial footprint across Africa, disclosing plans being explored for the establishment of a refinery in Lamu, Kenya.
The move, he said, reflects the need to build African businesses capable of attracting large-scale international capital while creating greater economic integration across the continent.
According to him, the Dangote Group’s expansion strategy is not simply about building individual businesses, but about creating platforms through which Africans and international investors can participate in the continent’s economic transformation.
“What we are trying to do is to open up the market and make sure that when we open up the market, Africans and non-Africans will join us to have what you call the new Africa rising,” he said.
Betting on African capital
The refinery IPO represents a major test of Nigeria’s ability to mobilise domestic and international capital behind large-scale industrial projects.
Dangote urged Nigerians and other Africans to seize the opportunity presented by the offer, arguing that the refinery has the potential to become Africa’s largest company by the end of 2026.
His “scratch card” analogy captures the central argument behind the expansion strategy: Africa’s economic potential may be enormous, but unlocking it requires capital, infrastructure, industrial investment and businesses willing to take long-term risks.
For Nigeria, the refinery’s public offering also signals a potentially significant shift in the ownership structure of one of the country’s biggest industrial assets—from a project largely associated with one private investor to an enterprise in which a broader pool of investors can participate.
The development comes as Nigeria seeks to deepen its capital market, retain more domestic savings within the economy and mobilise long-term funding for productive investment.
Dangote’s message, therefore, extends beyond the refinery itself: Africa’s opportunities will remain invisible unless capital is deployed to “scratch” the surface and turn potential into productive assets.
