Nigeria’s mega-capacity refinery under construction
Renewed US–Iran strikes and a US naval blockade have pushed oil above $90 a barrel and cut tanker traffic through the Strait of Hormuz. Shipping, insurance and refining costs have surged faster than crude, lifting diesel and jet-fuel premiums and pushing US pump prices toward $4 a gallon; analysts warn sustained disruption will force further price rises.
Africa’s richest man has opened the Dangote Petroleum Refinery IPO to retail investors, aiming to democratise ownership and expand Africa’s largest refinery. The sale has drawn massive demand, with minimums as low as 10 shares, but analysts warn of currency headwinds, volatility, and the risk of overvaluation as the offer runs through October.
Kenya's government says its stake and a public share offer will accompany the Dangote refinery project, which is moving toward groundbreaking despite ongoing land disputes and court orders. Officials promise transparency and local participation while Dangote stresses investor interest and regional job creation.