Dangote Refinery tests the market Nigerian startups need for exits

Dangote Refinery is pursuing a $1.62 billion IPO, offering 4.1 billion shares and targeting up to 10 million retail investors. Its outcome could show whether Nigeria has enough local capital to give venture-backed startups a credible public-market exit, something no Nigerian startup has yet achieved.

• Dangote Refinery offers 4.1 billion shares in a $1.62 billion IPO
• It targets up to 10 million retail investors versus 2.7 million today
• The listing could add about $60 billion to NGX market capitalization
• Africa recorded just one VC-backed IPO exit in 2025