Dangote Petroleum Refinery and Petrochemicals has recorded impressive financial results for the first half of 2026, generating approximately N19.47 trillion ($13.91 billion) in revenue and realizing a Profit After Tax of around N2.55 trillion ($1.82 billion). These figures represent a marked turnaround for the facility, which had incurred a loss of $476 million for the entirety of 2025.
The refinery’s operational performance improved significantly, achieving an average utilization rate of 83.6% during the period. The facility started the year operating at only 45% utilization but reached full capacity in the second quarter due to enhancements in operational efficiency.
The refinery’s EBITDA for the first half of the year stood at $2.60 billion (roughly N3.64 trillion), with a gross refining margin of $24.50 per barrel. This is a notable increase from $13.70 per barrel in 2025 and $10.70 in 2024. The results are highlighted in the prospectus for an upcoming Initial Public Offering (IPO), where the company seeks to raise about N2.26 trillion through the sale of shares.
As part of its growth strategy, Dangote Refinery plans to invest about $14.3 billion (equivalent to N20.02 trillion) to double its processing capacity from 700,000 to 1.4 million barrels per day by 2029. This expansion is anticipated to strengthen its position as a leading supplier in both domestic and international markets.
Furthermore, the refinery has recently started exporting refined petroleum products, including jet fuel, to the United States, and has been identified as the world’s largest single exporter of jet fuel during specific months this year.
David Bird, CEO of Dangote Refinery, noted that despite challenges posed by global conflicts impacting supply chains, the refinery’s long-term investment strategy is designed to remain sustainable. The IPO aims to enhance public participation in ownership, enabling Nigerians and other Africans to share in the wealth generated.
As global fuel shortages continue, the refinery’s operation is becoming increasingly crucial in mitigating these challenges. Considering recent geopolitical events, including attacks in the Middle East, the refinery’s capabilities will play a vital role in stabilizing local and international petroleum supply.
