Peter Obi Endorses Ongoing Dangote Refinery IPO, Calls for Citizen Investment

Former Anambra governor and Nigeria Democratic Congress (NDC) presidential candidate Peter Obi has endorsed the ongoing Initial Public Offering (IPO) of the Dangote Petroleum Refinery, encouraging Nigerians to subscribe to the public share offer and describing it as an important opportunity for citizens to participate in the country’s industrial and economic transformation.

In a statement, Obi said many Nigerians had asked for his opinion on the refinery’s IPO during his engagements with citizens both within Nigeria and across the diaspora. He urged them to buy shares in the refinery while commending Aliko Dangote for investing consistently in Nigeria’s real economy, saying the industrialist’s commitment validates the need to shift the nation’s economic focus toward production.

“I remain very proud of the commitment and breakthrough of Alhaji Aliko Dangote’s investment in the real sector of our country’s economy, across different sectors,” Obi said. “This validates my position that we should move Nigeria from consumption to production.”

Obi also challenged other Nigerian companies to emulate the model by investing in productive sectors and opening their ownership to ordinary citizens through the capital market. He argued that broader public participation in major industries would accelerate Nigeria’s re-industrialization while creating more opportunities for wealth creation.

“I therefore encourage other Nigerian businesses to invest in the productive sectors of the Nigerian economy and also give fellow Nigerian citizens the opportunity to be part of the re-industrialization of the country by offering their shares to the public through public offerings,” he added.

The Dangote Petroleum Refinery, located in the Lekki Free Zone in Lagos, is Africa’s largest single-train refinery, with the capacity to process 650,000 barrels of crude oil per day. Since beginning operations, the facility has steadily expanded the production of petrol, diesel, aviation fuel and other refined petroleum products, with the goal of reducing Nigeria’s dependence on imported fuel and strengthening domestic refining capacity.

The IPO, which is currently open to investors, is expected to broaden ownership of the multibillion-dollar refinery by allowing institutional and retail investors to acquire shares on the Nigerian capital market. Analysts say the offer could become one of the largest public offerings in Nigeria’s history, potentially boosting participation in the Nigerian Exchange and deepening the country’s equity market.

Obi’s endorsement comes at a time when discussions continue over the role of indigenous industrial investment in Nigeria’s economic recovery. Supporters argue that stronger domestic manufacturing and refining capacity can create jobs, improve foreign exchange earnings and reduce import dependence, while financial experts continue to advise prospective investors to carefully evaluate the offer documents and make informed investment decisions.

The ongoing public offering represents more than a fundraising exercise. It reflects a growing effort to connect ordinary Nigerians with ownership of strategic productive assets, an idea Obi says is essential if the country is to build a resilient, production-driven economy rather than one sustained primarily by consumption.