Dangote moves fertiliser IPO forward as capacity target hits 12 million tonnes

Africa’s richest man, Aliko Dangote, has said he hopes to list Dangote Fertiliser Ltd on the stock exchange sometime next year, bringing the expected listing forward from an earlier 2028 projection.

Dangote disclosed this on Tuesday at an investors meeting at the Nairobi Securities Exchange, where he discussed the group’s expansion plans ahead of the planned groundbreaking of its 700,000-barrel-per-day oil refinery in Lamu, Kenya.

The revised timeline comes as the fertiliser business expands its production capacity and seeks to increase its presence in global fertiliser markets.

Dangote fertiliser IPO moves forward

Dangote said he wants the fertiliser business to be owned by the public, similar to the Dangote Petroleum Refinery’s IPO in Lagos earlier this month, which was described as an “IPO of the people.” He said the listing could take place sometime next year.

• “Sometime next year we hope to list it. Let it be owned by the people,” Dangote said.

The fertiliser business is expanding its production capacity, with six production lines planned for delivery between late 2028 and early 2029.

The expansion is targeted at increasing the company’s annual production capacity to 12 million metric tonnes.

The proposed listing would bring the fertiliser business to the stock market earlier than the 2028 timeline Dangote previously gave.

The proposed listing is part of Dangote’s wider plans to expand the fertiliser business as it increases production capacity and develops additional sources of fertiliser supply.

Dangote’s 2028 IPO projection

The new projection comes about a week after Dangote said at the Qatar Economic Forum that the fertiliser business would pursue an initial public offering in 2028 as it expands to become the world’s largest fertiliser company. His latest statement therefore represents a change from the timeline he gave at the forum.

• “Oh yes, I mean, we will IPO it. It will be the biggest fertiliser company on Earth. Yes, it will be 2028,” he said.

Dangote said the business is expanding from its current 3 million tonnes of urea production capacity to 12 million tonnes. The company is also developing potash and phosphate mines. Dangote said the business is producing 2.2 million tonnes of diammonium phosphate (DAP).

The expansion is expected to support Dangote’s ambition to build a much larger fertiliser business while increasing production across different fertiliser products.

Dangote fertiliser expansion plans

Dangote’s push to expand the fertiliser business has been partly driven by disruptions to global fertiliser supplies following the Russia-Ukraine war and Africa’s reliance on imported fertiliser.

• In March, Nairametrics reported that the company was benefiting from increased global demand as geopolitical tensions disrupted fertiliser supplies.
• Dangote has previously said the fertiliser business aims to surpass Qatar as the world’s largest urea exporter within four years.
• The company’s expansion is also extending beyond Nigeria, with plans for a major fertiliser plant in Ethiopia.
• In August 2025, Dangote signed an agreement with the Ethiopian government to build a $2.5 billion fertiliser plant in the country’s eastern Somali region.

Dangote is expected to hold a 60% stake in the Ethiopian project, while state-owned Ethiopian Investment Holdings will own the remaining 40%.

The planned expansion in Nigeria and Ethiopia forms part of the group’s broader effort to increase fertiliser production and strengthen its position in global markets.