President of Dangote Group, Aliko Dangote, has declared that the Dangote Refinery has become the largest supplier of jet fuel to Europe, urging the continent to appreciate Nigeria under President Bola Ahmed Tinubu for helping to keep its aviation industry supplied.
Dangote made the statement on Monday at the official launch of the Dangote Petroleum Refinery and Petrochemicals Initial Public Offering (IPO) on the floor of the Nigerian Exchange Group in Lagos.
Key Highlights
- Aliko Dangote says his refinery is now Europe’s largest supplier of jet fuel.
- Dangote urged Europe to appreciate Nigeria under President Bola Tinubu.
- The refinery reportedly sold out its European jet fuel export volumes in August and September.
- Dangote Refinery is currently designed to process 700,000 barrels of crude oil per day.
- The refinery IPO offers 4.1 billion ordinary shares at ₦525 per share.
- The IPO targets about ₦2.15 trillion to support the refinery’s expansion and other plans.
Dangote Refinery Jet Fuel Exports
Speaking at the IPO launch, Dangote highlighted the refinery’s growing role in the international aviation fuel market.
“Dangote Refinery is the largest supplier of jet fuel to Europe. Europe must really thank Nigeria under the leadership of President Tinubu for keeping their planes flying,” he said.
Dangote added that demand for the refinery’s jet fuel had been particularly strong in recent months.
“Right from August, September we sold out in terms of jet fuel, we have nothing to sell anymore, we only reserve that for Nigeria,” he stated.
His comments underline the growing importance of the Dangote Refinery in the global refined petroleum products market, particularly amid supply disruptions and geopolitical tensions affecting international energy markets.
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Dangote Refinery Boosts Nigeria’s Refining Capacity
The 700,000-barrels-per-day facility is the world’s largest single-train refinery and has significantly increased Nigeria’s domestic refining capacity since commencing operations.
The refinery has also emerged as an important exporter of refined petroleum products, supporting Nigeria’s efforts to reduce dependence on imported fuels and increase foreign exchange earnings.
Dangote said the refinery’s performance in the aviation fuel market demonstrated the importance of developing local refining capacity.
Strong demand from European markets has contributed to the refinery’s reported sell-out of export jet fuel volumes in August and September, with some production being reserved for the Nigerian market.
Dangote Refinery IPO Opens for Subscription
The comments came as the Dangote Refinery’s much-anticipated IPO opened for subscription.
The offer comprises 4.1 billion ordinary shares priced at ₦525 each, with the company targeting approximately ₦2.15 trillion from the share sale.
The IPO is being positioned as an opportunity for ordinary Nigerians and investors across Africa to acquire an ownership stake in one of Nigeria’s largest industrial projects.
Dangote has described the share sale as part of efforts to broaden participation in the wealth created by the refinery, rather than simply as a fundraising exercise.
Refinery Expansion to 1.4 Million Barrels Per Day
Proceeds from the IPO are expected to support the refinery’s planned expansion.
The company has outlined plans to increase its refining capacity from 700,000 barrels per day to 1.4 million barrels per day.
If completed, the expansion would further increase the refinery’s capacity to supply both domestic and international markets and strengthen Nigeria’s position in the global refined petroleum products industry.
Dangote said the refinery’s growing export performance demonstrates the potential benefits of increased domestic refining capacity for Nigeria’s energy security.
Strong Investor Interest
As subscriptions opened on Monday, early indications pointed to strong investor interest in the share offering.
The IPO has attracted significant attention because of the scale of the refinery, its strategic importance to Nigeria’s energy sector and the size of the proposed share sale. Further details are available on the Nigerian Exchange website.
The offering is expected to become one of the most significant equity transactions in Nigeria’s capital market and one of the largest share sales associated with an African industrial project. For more updates, follow us on X.
