For most of the last four decades, Nigeria has lived with an uncomfortable contradiction. As Africa's largest crude oil producer, it shipped barrels out to the world and bought back the petrol, diesel and aviation fuel that kept its economy running. Its state-owned refineries in Port Harcourt, Warri and Kaduna spent years running far below capacity. The Dangote Refinery IPO represents Nigeria's biggest investment opportunity, with United Capital taking it beyond its borders.
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