Nigeria approves $1.6bn Dangote Refinery IPO at $47bn valuation

Nigeria's securities regulator has cleared a $1.6 billion IPO for the Dangote Refinery, valuing the company at $47 billion. The listing tests domestic capital market capacity for a record-sized offering, with investor sentiment weighed against crude-supply and margin risks. The outcome will signal confidence in Nigeria's financial markets and the refinery's operational viability.