President and Chief Executive of Dangote Industries Limited, Aliko Dangote, said he plans to take his fertiliser business to the Nigerian capital market through an initial public offering (IPO) in 2028, a move that could further deepen the Nigerian Exchange Limited (NGX) and expand public ownership of another of the group’s strategic businesses.

Dangote disclosed the plan during an interview with Bloomberg Television. He said the proposed listing would position the fertiliser business among the largest publicly traded fertiliser companies globally.

The announcement comes as the group continues to expand its investments in fertiliser, energy and other strategic sectors, with a focus on increasing local production, reducing dependence on imports and strengthening Nigeria and Africa’s industrial capacity.

The planned fertiliser IPO would add another major business to Dangote Group’s growing presence in Nigeria’s capital market, coming at a time when investors are also showing strong interest in the Dangote Petroleum Refinery IPO.

The business mogul said the refinery listing was designed not only to raise capital but also to broaden ownership of strategic African assets by giving more investors an opportunity to participate in the growth of the business.

According to Dangote, the refinery was developed as an African response to the continent’s long-standing dependence on imported petroleum products and is expected to play a major role in increasing domestic refining capacity and improving energy security.

The refinery, which is currently operating at 700,000 barrels per day, represents one of the largest industrial investments in Africa and has become a major part of Dangote Group’s strategy of building large-scale businesses around local production.

Dangote said the group would continue to invest in industries capable of creating employment, generating foreign exchange and retaining more economic value within Africa.

The proposed fertiliser listing will further strengthen the group’s presence in the agricultural and industrial value chain, particularly as Nigeria seeks to reduce fertiliser imports and expand domestic production to support food security.

Dangote Fertiliser operates one of the world’s major fertiliser production facilities at the Dangote complex in Lekki, Lagos, with large-scale production capacity for urea fertiliser.

The fertiliser business has also become an important component of Nigeria’s drive to increase domestic fertiliser supply, improve agricultural productivity and reduce the pressure on foreign exchange associated with imports.

For the NGX, the proposed listing would provide another opportunity to expand market capitalisation and increase the number of large industrial companies available to investors.

The National Coordinator of the Independent Shareholders Association of Nigeria, Moses Igbrude, described the proposed fertiliser listing as positive for the Nigerian capital market, saying the addition of another Dangote company would deepen the market and increase its capitalisation.

He said investors would welcome the opportunity to participate in the ownership of the fertiliser business through the exchange, particularly given Dangote Group’s existing presence in the listed market.

“That is good news that he is going to add another company to the exchange. It will surely deepen and increase the exchange capitalisation of the market,” he said.

The President of the NewDimension Shareholders Association of Nigeria, Patric Igbrude, also said the planned listing was a welcome development, noting that Dangote’s listed companies had continued to attract investor interest and generate returns for shareholders.

He said the positive momentum surrounding the proposed refinery listing could also extend to the fertiliser business when it comes to the market.