Nigerian industrialist Aliko Dangote is turning to the public in hopes of financing the next growth phase of his oil refinery: The richest man in Africa announced that he is seeking to attract about $1.6 billion by going public. This initial public offering of Dangote Industries is intended to help support a $14.3 billion expansion, which would more than double the refinery's production capacity. In absolute numbers, it would increase capacity from 700,000 barrels per day (bpd) to 1.4 million bpd. It would also include new petrochemical and refining units designed to reduce Nigeria 's reliance on imports of some petrochemical products, while also allowing the plant to produce different grades of diesel.
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