Dangote Group will soon list Dangote Fertiliser Limited on the Nigerian Exchange, President and Chief Executive Aliko Dangote announced during a visit by capital market stakeholders to the company’s facilities.
The listing aims to “revolutionise the capital market” by addressing investor concerns about the naira losing value through a dollar-based business system, Dangote said in a press release seen by BusinessDay.
“The main challenge is that many investors are hesitant, thinking, ‘If I invest my naira now, by the time I receive dividends in ten years, the naira will have lost value,'” Dangote explained. “However, we are entering the market with a dollarised business model.”
The Dangote Group’s chief executive outlined extraordinary growth targets for the fertiliser business, projecting daily revenues of $20 million within 40 months. “We expect to reach over $70 billion in revenue and possibly pay dividends of $3–4 billion. Our philosophy is to always think big,” Dangote declared.
The company is actively expanding its fertiliser plants to achieve these ambitious targets, with Dangote expressing confidence that dividend payments to shareholders will exceed $3 billion as operations scale up.
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Nigerian Exchange Group Chairman Alhaji Umaru Kwairanga called for the listing of both Dangote Petroleum Refinery and Dangote Fertiliser during the visit, describing it as “a natural progression” towards transparency and market leadership.
“The Nigerian capital market takes great pride in Dangote and his contributions to the economy,” Kwairanga said, praising the impact of Dangote’s petroleum refinery on providing relief to Nigerians.
Kwairanga noted Dangote’s previous role as president of the Nigerian Stock Exchange council and credited the group with improving market liquidity through listings of Dangote Cement, Dangote Sugar Refinery, and NASCON Allied Industries.
The Dangote Group is also expanding its cement business by investing in new plants and targeting clinker exports to West African countries to boost revenue and shareholder dividends.
Edwin Devakumar, Dangote Group’s Vice President of Oil & Gas, described the construction of the 650,000-barrel-per-day refinery as a “monumental achievement.” The group served as its own Engineering, Procurement, and Construction contractor for the project.
Devakumar said the refinery has ended Nigeria’s reliance on petroleum imports and now exports refined products globally.
Dangote also said that Nigeria cannot reach its $1 trillion economy target without a strong stock exchange, comparing the country’s needs to companies like India’s Reliance Industries, which holds annual general meetings in stadiums.
The delegation included Nigerian Exchange CEO Temi Popoola, Central Securities Clearing System Managing Director Haruna Jalo-Waziri, and other major capital market stakeholders.
