Dangote IPO faces affordability hurdle in Nigeria as $1.6B raise targets refinery expansion

Dangote Industries seeks $1.6 billion via IPO to fund a $14.3 billion expansion doubling its oil refinery capacity, aiming to give millions of Nigerians a stake. However, retail participation is constrained by low domestic purchasing power, raising questions about the offer's accessibility and potential success. The IPO's outcome will test Nigeria's capital market depth and could shape future large-scale listings.