IPMAN urges marketers to invest in Dangote Refinery IPO

The Independent Petroleum Marketers Association of Nigeria (IPMAN) has encouraged its members to invest in the upcoming Initial Public Offering (IPO) of the Dangote Petroleum Refinery. IPMAN National President Abubakar Shettima stated that the share sale offers a strategic opportunity for marketers to transition from being mere off-takers of petroleum products to becoming equity owners in Nigeria’s refining infrastructure.

Shettima emphasized that increased reliance on domestic refining capacity could stabilize fuel prices, reduce dependence on imports, and conserve foreign exchange. He also urged the federal government to implement policies that discourage fuel importation to support national energy independence. Additionally, the association requested that the Dangote refinery maintain and expand its direct allocation of premium motor spirit (PMS) to all registered independent marketers nationwide.

Separately, Bismarck Rewane, CEO of Financial Derivatives Company, projected that Nigeria’s economy could expand to $600 billion by 2030, citing the multiplier effects of large-scale industrial projects like the Dangote refinery.