Nigerian billionaire Aliko Dangote’s initial public offering for his refinery has attracted more than $4 billion in investor orders, more than twice the approximately $1.6 billion the company initially sought to raise. The offering represents Africa’s largest-ever share sale and highlights growing investor interest in African industrial ventures. Dangote set low per-share prices to encourage participation from retail investors across the continent. The offering also gave global investors a rare stake in a strategic African asset. The development comes as African governments seek to strengthen domestic capital markets and mobilize local financing for industrialization while reducing borrowing costs. However, complex regulations and barriers to cross-border investment continue to limit market integration. Nigeria is pushing for reforms, with its finance minister recently proposing measures to facilitate bond trading across West Africa.