Dangote Plans to Let Nigerians Buy Refinery Shares in Naira and Benefit in Dollars

Aliko Dangote is setting the stage for one of the biggest investment moves Nigeria has seen in years. The billionaire industrialist has revealed plans to list his massive $20 billion refinery on the Nigerian Exchange (NGX) in 2026 and for the first time, ordinary Nigerians will be able to buy shares in naira but earn returns in US dollars.

This model is uncommon in Nigeria and could open a new door for people looking to protect their money as the naira continues to struggle.

This is a simple idea with big potentiaI

Speaking at an event in Lagos, Dangote explained that his team is working with the NGX and the Securities and Exchange Commission to set the final rules for the refinery’s initial public offering (IPO). 

His goal is straightforward: give everyday Nigerians a chance to earn the kind of dollar-based dividends that global investors enjoy.

With the refinery already exporting petrochemicals and fertiliser, Dangote says the business can comfortably sustain dollar payouts. 

The company expects to pull in at least $6.4 billion every year from exports alone. This inflow, according to him, will support consistent dollar dividends for anyone who buys shares when the listing opens.

Why dollar dividends matter

For years, Nigerian investors have watched their savings lose value due to the falling naira. Many have looked for ways to earn in stronger currencies, but opportunities are usually limited or too expensive.

A Nigerian stock that pays in dollars could change this. Analysts say the Dangote Refinery listing could quickly become one of the most attractive stocks on the NGX because it offers protection against currency swings. This simply means you can buy shares with naira and receive your earnings in a currency that holds its value.

This is part of a bigger dream

The refinery listing is only one part of Dangote’s larger growth plan. The Dangote Group is targeting $100 billion in annual revenue by 2030, a huge jump from the current $18 billion.

The company’s numbers show steady growth:

• Revenue increased from $3.3 billion to $18 billion in the last five years.
  
• Earnings have also grown, signalling stronger operations.
  

Dangote believes the group could eventually hit a market value of over $200 billion. 

For the refinery alone, he plans to sell about 10% of the business on the NGX, with possible international listings being considered later. But he insists that Nigeria will remain the main home for the company’s growth.

What the refinery means for Nigeria

The 650,000-barrel-per-day facility has already started producing diesel, aviation fuel, and petrol. It is expected to reduce Nigeria’s dependence on imported fuel and help stabilise prices in the long run.

Dangote also announced plans to expand production to 1.4 million barrels per day within three years, which would make the refinery the largest in the world. The company is working with several international partners and Afreximbank to raise about $5 billion for the upgrade.

Energy experts say the dollar-dividend structure may inspire other Nigerian companies to rethink how they engage investors. With foreign exchange still tight, this kind of innovation could give the stock market a much-needed boost.

This is a new opportunity for local investors

Industry analysts believe that once the shares become available, Nigerians should be ready. Dangote’s companies have a long history of paying strong dividends, and many expect the refinery to follow that pattern.

As one analyst put it, “This is an interesting time to be an investor. When the shares hit the market, Nigerians might witness a new era of wealth-building.”

For now, regulatory work is ongoing, but one thing is clear: Dangote is trying to create a pathway for Nigerians to benefit from a project that has already reshaped the country’s energy sector. Buying in naira and earning in dollars might soon move from an idea to a real option for millions.