Fertiliser business schedule 2028 for IPO, says Dangote
Dangote Industries Limited President and Chief Executive Officer, Aliko Dangote, has said his fertiliser business will become the world’s largest and is scheduled for an initial public offering (IPO) in 2028.
Dangote disclosed this during an interview at the Qatar Economic Forum, powered by Bloomberg, where he discussed the expansion of his fertiliser business and the group’s plans to increase its production capacity across Africa.
He also disclosed that Dangote Petroleum Refinery and Petrochemicals FZE plans to list its shares on the New York Stock Exchange after completing an expansion that will double its crude-processing capacity to 1.4 million barrels per day by the first quarter of 2029.
Dangote said the expansion of his fertiliser business was driven partly by the disruption to global fertiliser supplies following the Russia-Ukraine war and Africa’s dependence on imported fertiliser.
He recalled that, at the beginning of the Russia-Ukraine crisis, the African Union sent its then chairman, Senegalese President Macky Sall, to seek assistance because African countries were facing fertiliser shortages from their traditional suppliers.
“When you talk about fertiliser, you remember that four years ago, at the beginning of the Russia-Ukraine crisis, the African Union sent its chairman, President Macky Sall, to meet with them because we needed fertiliser. We were running out of fertiliser because they were our suppliers,” Dangote said.
He said Dangote is responding by significantly increasing urea production while developing additional sources of key fertiliser inputs, including potash and phosphate.
“We are now going from 3 million tons to 12 million tons of urea. We are opening up potash mines. We are opening up phosphate mines, and we are also doing 2.2 million tons of DAP,” he said.
