At the Afreximbank annual meetings held in June 2025, it was announced that Nigerian billionaire Aliko Dangote has postponed the IPO of its Dangote Fertilizer subsidiaries to the fourth quarter of 2025 and that of Dangote Refinery to 2026.

Dangote previously expected a double listing at the beginning of 2025. The Dangote Fertilizer fertilizer plant, already operational and exporting urea, was scheduled to be listed first. Meanwhile, the $23 billion Dangote Refinery, whose production is still increasing, will follow. Both projects are in fact essential to enable Nigeria to achieve energy and food self-sufficiency. The proceeds from the IPO will make it possible to repay debt, especially that of the refinery, which amounts to $3.65 billion. According to analysts, the value of the IPO is estimated at $20-25 billion for the refinery and $2.5-3.5 billion for the fertilizer unit, depending on market conditions and debt

It should be noted that the delay in Dangote's IPOs is part of an unfavorable macroeconomic context, including 34% inflation, the depreciation of the naira and a B+ credit rating for Dangote Industries, downgraded by Fitch in 2024

If both IPOs go ahead as planned, they could bring NGX's total market capitalization to over 100,000 billion euros ($60 billion), allowing Dangote Industries to once again become the first issuer of shares on the stock exchange, ahead of its rival BUA Group