Dangote Refinery IPO Could Deepen Nigeria’s Investor Base

Nigeria’s $1.6 billion Dangote refinery initial public offering could increase the country’s active investor base threefold to fivefold, according to Nigerian Exchange Group CEO Temi Popoola. The offer, described as Africa’s largest IPO, targets millions of retail buyers. About 12 million Nigerians, roughly 5% of the population, participate in capital markets, although only hundreds of thousands trade actively. Popoola believes the IPO could reverse this trend by attracting new investors and broadening participation beyond traditional market participants. He also revealed that the exchange is preparing for more Nigerian companies to list internationally, including Dangote Cement, which plans to pursue a secondary London listing as early as November.