Interest in Africa’s biggest industrial assets has surged after top South African pension funds visited the Dangote Refinery and Dangote Fertilizer Limited in Nigeria.
The visit by representatives of the Public Investment Corporation and the Government Employees Pension Fund signals growing confidence in large-scale African infrastructure investments.
The development comes as the Dangote Group prepares for a major initial public offering, which could become one of the continent’s most significant cross-border listings.
The delegation from South Africa’s Public Investment Corporation and Government Employees Pension Fund reportedly toured key facilities at the Dangote Refinery and Fertilizer complex.
Their visit is widely seen as part of a broader push by African institutional investors to support local industrial growth.
Moreover, the move reflects a shift toward strengthening energy security, food production, and manufacturing capacity within the continent.
This is expected to play a central role in unlocking new capital flows across African markets.
According to the Dangote Group, the visit aligns with growing interest in its planned listing activities across African stock markets.
“As the refinery moves towards its forthcoming IPO, engagements like this reinforce the growing recognition of strategic infrastructure as a critical driver of Africa’s long-term growth and economic transformation,” the group stated via X.
Furthermore, discussions around the IPO have intensified following earlier remarks from Dangote confirming that Nigerians and African investors would soon be able to invest directly in the refinery.
Meanwhile, market interest increased after reports emerged that the project could be listed across multiple African exchanges.
“The plan is to structure a pan-African IPO,” Frank Mwiti, CEO of the Nairobi Securities Exchange, said after meeting with Dangote and other exchange leaders in Lagos.
In addition, advisory firms including Stanbic IBTC Capital, Vetiva Advisory Services, and FirstCap have been appointed to support the listing process.
Meanwhile, Dangote has previously disclosed plans to list at least 5% of the refinery on the Nigerian Exchange, with figures potentially rising to 10%.
He also indicated interest in listing parts of his cement business in London to access deeper international capital.
Furthermore, the refinery IPO is expected to reshape investment flows into Africa’s energy and industrial sectors.
However, regulatory approvals and market conditions will determine the final structure and timing of the listing.
