Economist Bismarck Rewane has urged Nigerians to consider investing in the planned Dangote Refinery Initial Public Offering rather than selling their Permanent Voter Cards for quick financial gains.

Rewane said the proposed IPO could provide an opportunity for millions of Nigerians, particularly low-income earners, to shift from short-term consumption to long-term investment by becoming shareholders in one of the country’s largest companies.

The economist made the remarks while speaking on Channels Television’s Business Morning on Friday.

He argued that Nigerians could derive greater long-term value from investing in the refinery than accepting immediate financial inducements in exchange for their PVCs.

“You are better off with your N5,000 share than selling your PVC for N10,000 or N15,000 and consuming it,” Rewane said.

According to him, the investment could potentially appreciate significantly over the next few years, with projections contained in the company’s prospectus.

“This is an investment which will translate itself, in a matter of two to three years, to something as much as almost N300,000. The numbers will be out, and you can see in the prospectus,” he said.

Rewane also highlighted the financial scale of the Dangote Refinery, noting that its reported revenue for the first half of the year was substantial when compared with the Nigerian government’s budget.

“So the projections are very clear. Another thing we have to know is that the amount of revenue generated as reported by the Dangote Refinery for the half-year, if you analyse it, is far in excess of the Nigerian budget,” he said.

He added that the refinery was only one of the businesses within the wider Dangote Group, underscoring the scale of the conglomerate’s operations.

10 million investors target
Rewane described the proposed target of attracting about 10 million investors to the Dangote Refinery IPO as a major milestone for Nigeria’s capital market.

“The reality is that targeting 10 million investors is also a milestone,” he said.

He explained that achieving such a figure would give the refinery an exceptionally broad shareholder base and bring a large number of Nigerians into the formal investment ecosystem.

“If you can get 10 million shareholders to participate in the IPO, the Dangote Refinery will have the largest number of shareholders in the world,” Rewane said.

The economist said the potential impact of the IPO went beyond the number of people who would purchase shares, arguing that widespread participation could help deepen Nigeria’s investment culture.

He contrasted investment with gambling and betting, stressing that investment decisions could be based on identifiable business and financial parameters, unlike activities largely dependent on chance.

“The difference between a gambling act, a lottery act and an investment is that in one case, you are investing based on known parameters; in the other one, you are actually just gambling and taking a chance,” Rewane said.

IPO could democratise wealth creation
Rewane described broad participation in the Dangote Refinery IPO as a form of economic democratisation, saying it would enable ordinary Nigerians to participate directly in the growth of a major domestic company.

He said such participation could create opportunities for investors to benefit from dividends and profits as the refinery expands its operations.

Beyond Nigeria, Rewane said the refinery had the potential to develop into a major petroleum refining and marketing hub serving countries across West and Central Africa.

He argued that the expansion of the refinery and its wider economic activities could generate benefits not only for shareholders but also for the Nigerian government through increased tax revenues.

“So it is a compelling investment opportunity which puts revenue and profits and dividends into the pockets of consumers and investors, puts a lot of tax revenue in the pockets of the government,” he said.

The planned Dangote Refinery IPO is therefore being viewed by economists and market stakeholders as an opportunity that could widen retail participation in Nigeria’s capital market while giving ordinary Nigerians a chance to hold equity in a major industrial enterprise.

However, prospective investors are expected to study the IPO prospectus, including the company’s financial position, projections, risks and terms of the offer, before making investment decisions.