The Independent Petroleum Marketers Association of Nigeria has urged its members nationwide to invest in the planned Initial Public Offering of the Dangote Petroleum Refinery, as Financial Derivatives Company Chief Executive Officer, Bismarck Rewane, projected that Nigeria's economy could expand to $600bn by 2030.
IPMAN described the share sale as an opportunity for petroleum marketers to become equity owners in Nigeria's refining industry, while Rewane said increased private-sector investment and the multiplier effects of large industrial projects such as the Dangote Petroleum Refinery could accelerate economic growth.
In a statement signed by its National President, Abubakar Shettima, IPMAN congratulated the management and board of the Dangote Petroleum Refinery and Petrochemicals on the planned commencement of the IPO and public share sale. Shettima said the offering would transform the refinery from a privately owned project into an asset in which Nigerians and industry participants could acquire direct stakes.
IPMAN, which represents independent petroleum marketers operating across the country, said it recognised the strategic importance of the share sale to Nigeria's downstream petroleum sector. The association said the refinery's growing capacity would help reduce the country's dependence on imported petroleum products, conserve foreign exchange, and strengthen domestic energy security. Shettima urged IPMAN members to take advantage of the opportunity rather than remain solely off-takers of petroleum products, describing it as a rare, strategic chance to evolve into equity owners of primary production infrastructure that would also help guarantee steady, affordable fuel distribution across all 36 states.
The development comes as Nigeria's downstream sector continues to adjust to increased domestic refining capacity following the commencement of crude processing by the Dangote refinery. The refinery, which has a nameplate capacity of 700,000 barrels per day, has progressively increased production of petrol, diesel, and other petroleum products, providing a major source of locally refined fuel.
IPMAN also appealed to the refinery to widen its direct petrol allocation system to cover all registered independent marketers, warning that limiting direct supplies to selected marketers could create distribution bottlenecks and increase costs for consumers. Shettima called on the refinery to expand its direct allocation framework to comprehensively capture every registered independent marketer nationwide, arguing this is crucial to eliminating anti-competitive bottlenecks, suppressing logistical middlemen fees, and ensuring affordable, locally refined fuel reaches every citizen.
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Meanwhile, Rewane projected Nigeria's economy could expand from a 2025 nominal GDP baseline of $278bn to $600bn by 2030, driven by increased private-sector investment and the multiplier effect of major industrial projects such as the Dangote refinery. He spoke in Abuja during an investor roadshow ahead of the planned IPO. According to his presentation, annual real GDP growth could accelerate from 4% to between 7% and 8%, while inflation could moderate from 15% to between 8% and 10%. The projection also assumes non-oil GDP growth rising from 4-5% to 7-8%, while oil production increases from 1.5 million barrels per day to 2.2 million bpd.
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