Nigerian billionaire Aliko Dangote has postponed the long-awaited IPOs of Dangote Fertilizer to Q4 2025 and Dangote Refinery to 2026, shifting from the original plan for early 2025.

Speaking at the Afreximbank Annual Meetings in June 2025, Dangote said the fertilizer plant—already operational and exporting—would be listed first, followed by the $23 billion refinery, which is still ramping up. No specific reason was given for the delays.

The two mega-projects are central to Nigeria’s ambitions for energy and food independence. The fertilizer plant has made Nigeria a net exporter of urea, while the refinery, which aims to meet 100% of domestic fuel needs, is expected to generate up to $25 billion in annual revenue.

The refinery carries $3.65 billion in debt, with plans to repay through operations and asset sales, including stakes in Dangote Cement. IPO proceeds are expected to aid further deleveraging. The fertilizer unit’s finances are more discreet, but its export model supports steady cash flow.

Analysts estimate IPO valuations at $20–25 billion for the refinery and $2.5–3.5 billion for the fertilizer unit, though this will depend on debt levels and market conditions. The listings will take place on the Nigerian Exchange (NGX), with a potential dual listing in London for the refinery.

If successful, the IPOs could lift NGX’s market cap above ₦100 trillion ($60 billion), restoring Dangote Industries as the exchange’s top equity issuer, ahead of rival BUA Group (with BUA Foods and BUA Cement).

However, challenges remain: Nigeria faces 34% inflation, currency devaluation, and a downgraded credit rating for Dangote Industries (from AA to B+ by Fitch in 2024). Investors will closely watch the offering documents for debt repayment plans, valuation details, and production milestones.