Analysts value Dangote Refinery at $62.5 billion ahead of Nigerian listing
Two independent research firms have assigned a combined valuation range between $53.89 billion and $62.53 billion to the Lekki-based facility as it prepares for an initial public offering.
Analysts have placed the valuation of Dangote Petroleum Refinery & Petrochemicals FZE at approximately $62 billion, making it one of the most highly valued energy assets in Africa. Two separate equity research reports published on September 7, 2026, established this figure by citing the facility's scale, refining complexity, and planned expansion capacity to 1.4 million barrels per day. Chapel Hill Denham Securities assigned a fair equity value of $62.53 billion for a twelve-month holding period. The report used a blended methodology where discounted cash flow carried a fifty percent weight against enterprise valuation to earnings before interest, taxes, depreciation, and amortization, and price-to-earnings metrics. This assessment utilized an exchange rate of N1,321.22 per dollar as of September 4, 2026. Meanwhile, Renaissance Capital Africa issued its own analysis estimating a fair-value range from $53.89 billion to $62.09 billion. Their base-case equity valuation was set at $56.25 billion. Both valuations support the upcoming initial public offering intended to broaden ownership and secure capital for expansion.
