Nigeria’s refining revolution has a monopoly problem

Nigeria marked a major economic milestone on September 14, 2026, with the opening of the initial public offering (IPO) of Dangote Petroleum Refinery, the largest IPO in African history. Located in the Lekki Free Zone in Lagos, the refinery now has a crude-processing capacity of 700,000 barrels per day, up from 650,000, and cost approximately $20bn to build. It was commissioned in May 2023, while produ...