Why Dangote’s planned cross-border listing is a test for Africa’s capital markets

• Dangote Refinery plans multi-exchange African listing
• AfCFTA reforms deepen cross-border capital flows

LAGOS, NIGERIA — The planned cross-border listing of Dangote Refinery is emerging as a defining test of whether Africa’s capital markets can finance industrial scale at home.

The $20bn refinery, already producing 650,000 barrels per day, is targeting a capacity expansion to about 1.4mn bpd as it broadens its reach across Africa and into Europe — and prepares to tap investors across multiple African exchanges.