Dangote is testing the market Nigerian startups need to exit
Dangote Refinery’s IPO is testing whether Nigeria has enough local capital to create a public-market exit route for venture-backed startups.
Via TechCabal
Nigeria’s stock exchange is in the midst of its largest liquidity year.
In March, Nigerian banks completed their largest capital-raising exercise, raising ₦4.65 trillion ($3.49 billion) in 24 months, including $2.54 billion from local investors.
Dangote Refinery is trying to raise almost half that amount in a single offering.
If successful, its $1.62 billion IPO will be one of the largest liquidity events in Nigeria’s stock market history. More importantly, it could answer a question that has constrained Nigeria’s startup…
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