Following the announcement of the commencement of production at Dangote Group's oil refinery, three subsidiaries listed on the Nigerian Exchange Ltd (NGX) experienced a significant boost in their combined market capitalization, surging by 513.69 billion Nigerian nairas ($573.6 million). The video showcasing the 650,000 barrels-per-day refinery in operation circulated on social media, generating excitement. Dangote Cement Plc, the flagship company, reclaimed its position as the second most valuable firm on the NGX with a market cap of $7.1 billion, up from $6.7 million on the preceding Friday. Meanwhile, Dangote Sugar Refinery Plc's valuation rose to $1 billion from $925 million, and NASCON Allied Industries Plc increased to $192.3 million from $177.5 million.
In a statement, Dangote Group highlighted the refinery's milestone, emphasizing its role as a game changer for the country. The refinery, which has received six million barrels of crude oil, aims to bring its products to the market within the month, pending regulatory approvals. The facility, designed to meet international standards, adheres to Euro V specifications and employs state-of-the-art technology, as stated by the group.