Investors in Dangote Group shares experienced a gain of N514 billion on Tuesday following the news that the Dangote Refinery had commenced production.

The Nigerian Exchange Limited witnessed a surge in stock purchases as investors rushed to secure shares in Dangote Group, known for its sensitivity to information.

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In response to the production announcement by the Dangote Refinery, three subsidiaries of the Dangote Group listed on the NGX collectively saw their market capitalization increase by N513.69 billion on Monday.

A video circulating on social media showcased the 650,000-barrels-per-day refinery in operation, with the official announcement confirming its commencement of production on Saturday.

Aliko Dangote, the President/Chief Executive of Dangote Group, hailed the development as a “game changer” and a significant achievement for the country, showcasing its capability to undertake and deliver large capital projects.

Addressing the anticipation of Nigerians regarding when the refinery would enter the market, the statement clarified that it is expected to be in Nigeria’s oil market before the end of January, pending regulatory approval.

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The refinery has received six million barrels of crude oil at its two single-point moorings, located 25 kilometers from the shore.

The first crude delivery occurred on December 12, 2023, and the sixth cargo was delivered on January 8, 2024.