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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.
What they are saying
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.
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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.
Dangote said the expansion would enable his business to supply more than 40% of Africa’s fertiliser demand while ensuring that the product is available throughout the year rather than only during planting seasons.
He also said the African Development Bank has provided a $6 billion credit line that can be used for petroleum products or fertiliser.
Asked when the fertiliser business would be listed on the stock exchange, Dangote said the company would pursue an IPO in 2028 and become the world’s largest fertiliser company.
- “Oh yes, I mean, we will IPO it. It will be the biggest fertiliser company on Earth. Yes, it will be 2028,” he said.
Get up to speed
Dangote Fertilizer operates a 3 million-ton-per-year granulated urea and ammonia plant in Lagos, described as Africa’s largest granulated urea facility. The company has expanded its international market reach, with a significant share of its output exported to markets including the United States.
- In March, Nairametrics reported that the company was benefiting from increased global demand as geopolitical tensions disrupted fertiliser supplies. Dangote has also previously said the business aims to surpass Qatar as the world’s largest urea exporter within four years.
The expansion comes as fertiliser supply disruptions continue to highlight the importance of producers with the capacity to increase output and serve international markets.
What you should know
Dangote is also expanding its fertiliser production footprint beyond Nigeria.
- In August 2025, Dangote signed an agreement with the Ethiopian government to build a $2.5 billion fertiliser plant in Ethiopia’s eastern Somali region.
- Under the agreement, Dangote will hold a 60% stake in the project, while state-owned Ethiopian Investment Holdings will own the remaining 40%.
The plant is expected to take about 40 months to complete and will have an annual production capacity of 3 million tons of fertiliser. It will also be connected by pipeline to the Calub and Hilala natural gas fields in southeastern Ethiopia.
The planned Ethiopian facility forms part of Dangote’s broader expansion of fertiliser production across Africa as the group seeks to increase supply and reduce the continent’s reliance on imported fertiliser.
