NGX Group: Dangote Refinery’s IPO will be Game Changer
• As plant tops US for second consecutive month as Europe’s largest jet fuel supplier
Ndubuisi Francis in Abuja and Peter Uzoho in Lagos
Chairman of Nigerian Exchange Group (NGX Group), Dr. Umaru Kwairanga, has stated that the impending Initial Public Offering (IPO) of Dangote Refinery will be a game changer, given the enthusiasm it has generated among investors and the general public.
The rosy development trails the news that Dangote Refinery has strengthened its position as a global supplier of premium aviation fuel after emerging as Europe’s largest jet fuel supplier for the second consecutive month, overtaking the United States and underscoring the refinery’s growing influence on international energy markets.
The refinery now accounts for one fifth of Europe’s jet fuel imports, reinforcing its position as a major force in global aviation fuel trade, market data has shown.
Latest European import data compiled by global commodities intelligence firm, Kpler, show that more than 400,000 tonnes of jet fuel produced by the 700,000 barrels per day Dangote Petroleum Refinery were delivered into Europe in July, accounting for approximately 20 per cent of the continent’s total jet fuel imports during the month.
Kwairanga said Dangote Refinery was already well known to Nigerians, having helped to resolve the shortage of refined petroleum products, one of the biggest problems in Nigeria, a leading crude oil producer in the world.
In an interview on RFI Hausa, Kwairanga said, “The announcement by my big brother and mentor that he will sell a stake in what is viewed as a national treasure to the public has been met with much cheer and anticipation and we are looking forward to the biggest public offer ever in Nigeria, if not Africa.
“We view it as a game changer given the enthusiasm that it has raised among investors and the general populace. The company is already well known to Nigerians as it has helped to solve one of the country’s biggest problems- shortage of refined petroleum products in one of the world’s leading crude oil producers.”
He explained that Nigeria was now the world’s best-performing stock market in dollar terms due to a number of factors, including the federal government’s macro-economic reforms.
The NGX Group chairman stated, “The removal of fuel subsidies, the forex market reforms and the return to conventional monetary policy freed the economy from many of the structural inefficiencies that had held back performance.
“After an initial shock, the performance of most quoted companies has been very positive and attracted renewed attention from investors.
“Regulators in various sectors such as banking, insurance, and even the capital market have also mandated recapitalisation and such recapitalisation drives have brought in a surge of new capital and new investors and boosted liquidity and performance. Then, there’s the increasing digitalisation of the market.”
He added, “As an exchange, we have encouraged and supported our trading licence holders to adopt other management systems that allow their clients to trade from their handsets. That combined with the licensing of several digital brokers by SEC has brought in a new and younger generation of investors.
“All these varied factors: improved macro-economic environment, improved company performances, greater liquidity have combined to push the Nigerian capital market to greater heights.”
On sustainability, Kwairanga remarked that the current performance was sustainable as the factors that gave rise to it were firmly in place while new ones that will push it further were around the corner.
For example, he said the NGX Group was looking forward to the reclassification of the Nigerian market as a frontier market in major indices, adding, “That should bring it back into the focus of international investors.”
According to him, “The mega listing of the Dangote Refinery is imminent and that should bring several million new investors into the capital market. So, we think the performance will be sustained and even surpassed.”
Kwairanga stressed that almost all sectors of the market had enjoyed significant increases over the course of the year, citing some of the top performing sectors in the first half of 2026 as banking, industrial goods, and oil and gas.
On whether or not foreign investors were returning in significant numbers, he admitted that while they were making a comeback, the numbers were not like about a decade back.
He stated, “The local investor base presently dominates the market in percentage terms. We expect more foreign investors to recognise the turnaround in Nigeria’s economy, the stability in forex management, the robust performance of Nigerian economies and their shares and see the value in the Nigerian market as we continue to top the global charts in terms of performance.”
Meanwhile, Dangote Refinery’s performance as Europe’s largest jet fuel supplier for the second consecutive month followed its overtaking of the United States with a record 466,000 tonnes exported to Europe in June, when Nigeria first displaced the United States as the region’s leading supplier of imported jet fuel.
The sustained export performance marks a significant milestone for the refinery, demonstrating its ability to consistently supply one of the world’s most demanding fuel markets with aviation fuel that meets stringent international quality specifications.
Europe imported approximately 2.06 million tonnes of jet fuel in July, with Dangote accounting for the single largest share of those imports, ahead of traditional suppliers from the United States and the Middle East.
Industry observers say the refinery is rapidly reshaping established Atlantic Basin fuel trade flows by offering a competitive alternative to long standing suppliers.
While European buyers have traditionally relied on refiners in the United States, the Middle East, and Asia, Dangote’s strategic location on Nigeria’s Atlantic coast, combined with its scale, modern technology, and export capability, has enabled it to become an increasingly important source of aviation fuel for European markets.
The refinery’s export momentum has been supported by steadily rising production. Jet fuel loadings at Dangote’s Lekki export terminal reached a record 550,000 tonnes in June, while crude deliveries to the refinery climbed to an all-time high of 660,000 barrels per day, providing the throughput required to sustain growing exports of refined petroleum products to international markets.
The latest figures come at a time of shifting global energy flows.
Although Europe received limited volumes of jet fuel from Kuwait, the United Arab Emirates, and Oman in July, market disruptions around the Strait of Hormuz and evolving geopolitical dynamics have encouraged buyers to diversify supply sources.
Against this backdrop, Dangote Refinery has emerged as a reliable and competitive supplier, reinforcing Nigeria’s growing importance in global refined products trade.
Managing Director and Chief Executive Officer of Dangote Petroleum Refinery and Petrochemicals, David Bird, stated, “Beyond aviation fuel, the refinery has continued to expand exports of diesel, gasoline and other refined petroleum products to destinations across Europe, Africa, and other international markets, further strengthening Nigeria’s position as a net exporter of high value petroleum products.”
