Aliko Dangote, Nigeria's richest businessman and one of Africa's most influential entrepreneurs, is preparing to take his massive oil refinery public. The refinery, located near Lagos, is set to be listed on the stock market on September 14, with the goal of raising $1.6 billion. The Dangote Group plans to offer 4.1 billion ordinary shares at a price of 525 naira per share. This refinery, which has been operational since 2024, is capable of processing 700,000 barrels of crude oil per day—more than Nigeria's domestic fuel needs. This marks a significant shift for a country that, despite being Africa's largest oil producer, previously relied heavily on fuel imports to meet its demand. Nigeria, home to over 240 million people, has long struggled with fuel shortages and high import costs. However, the Dangote refinery has begun exporting refined products, and the company aims to double its production capacity to 1.4 million barrels per day by 2028. If achieved, this would make it the world's largest refinery, surpassing the Indian refinery in Jamnagar. Aliko Dangote has stated that his goal is to reduce Africa's reliance on imported refined products and enhance the continent's energy security. The stock listing of the refinery is expected to be one of the most significant financial events in Nigeria's history. The Nigerian stock market has been highly active, with its benchmark index rising by 72% this year, according to Bloomberg. Earlier in July, the refinery secured $2.5 billion in private investments to fund its expansion. In addition to the Lagos refinery, Dangote also plans to construct a similar facility in Lamu, Kenya, with a capacity of 700,000 barrels per day. Africa's dependence on imported refined fuels and essential goods remains a pressing issue. According to a report by the Africa Finance Corporation (AFC) published in April, the continent imports over 70% of its refined fuels and approximately $230 billion worth of essential goods, including food, plastics, steel, and fertilizers, each year. Dangote’s expansion projects aim to address this challenge, potentially reducing the continent's reliance on foreign imports and boosting local economic development.