Africa’s richest man, Aliko Dangote, has announced plans to list Dangote Fertiliser Ltd on the stock exchange in 2024, moving the initial projection forward from 2028. This decision was revealed during an investors meeting at the Nairobi Securities Exchange.
The accelerated timeline comes as Dangote Fertiliser expands its production capacity, aiming to increase annual output from 3 million to 12 million metric tonnes. This growth is part of a broader strategy to enhance its footprint in global fertiliser markets amidst rising demand.
Dangote expressed his desire for the fertiliser business to be publicly owned, similar to the recent IPO of Dangote Petroleum Refinery. He emphasized the importance of making the business accessible to the public, stating, “Let it be owned by the people.”
In addition to the IPO, Dangote is also developing potash and phosphate mines and has plans for a major fertiliser plant in Ethiopia, further solidifying his ambition to dominate the global fertiliser landscape.
This expansion is partly driven by disruptions to global fertiliser supplies due to geopolitical tensions, particularly the Russia-Ukraine conflict, highlighting the urgent need for self-sufficiency in Africa.