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Dangote Group says its revenue has reached about $17 billion in the first half of 2026 and that it is on track to double full-year revenue to $36 billion from $18 billion recorded last year.
Aliyu Suleiman, Chief Strategy Officer of Dangote Group, disclosed this during a media briefing at the Dangote Petroleum Refinery in Lagos during a tour of the facility by Kenyan President William Ruto. Nairametrics was at the event.
President Ruto visited the refinery as part of efforts to gain insight into the operation of the 700,000-barrels-per-day facility ahead of the planned development of a similar refinery in Lamu, Kenya.
The proposed Kenyan refinery, estimated at about $17 billion, is expected to have a capacity of 700,000 barrels per day and form part of Dangote Group’s expansion of its refining and industrial operations across Africa.
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Dangote targets $36 billion revenue
Suleiman said Dangote Group is targeting a 100% increase in annual revenue this year, with the group projecting $36 billion in revenue in 2026 compared with the $18 billion recorded in 2025.
The target comes after the group had already generated about $17 billion in revenue during the first half of the year, putting it close to half of the full-year target by the end of June.
- “The revenues of the group have grown significantly over the last five years, from $18 billion last year, and this year we’re on track to get to $36 billion. Our half-year revenue is already about $17 billion.”
Suleiman said the group’s growth is being driven by its diversification across cement, sugar, fertilizer, refining, upstream oil production and other businesses.
He said Dangote Group is also pursuing a broader Vision 2030 strategy focused on expanding its industrial footprint across Africa.
- “Over the period from 2020 to 2025, the group executed a capex programme of about $50 billion. Over the next five years, we’re going to spend double of what we did previously over five years.”
Suleiman said the group’s ambition extends beyond Nigeria, with projects spanning refining, port infrastructure, gas infrastructure, LNG, upstream oil and gas, power and mining. He also identified the planned East African refinery in Kenya as a major contributor to the group’s longer-term $100 billion ambition.
- “I don’t need to go through them in detail, but just to highlight that the East African refinery in Kenya is going to be a key component of our journey and our dream to get to $100 billion. So, it’s a big contributor.”
He added that the group has identified opportunities that could ultimately exceed the $100 billion target.
Dangote’s $17 billion Kenya refinery
Dangote Group is preparing to develop a 700,000-barrels-per-day greenfield refinery and petrochemical plant in Lamu, Kenya, as it expands its refining business beyond Nigeria. The project has been estimated at about $17 billion and was previously projected to take about five years to complete.
The Kenyan government has finalised preparations for the September 30, 2026 launch of the East Africa Oil Refinery project in Lamu, with President William Ruto expected to lead the groundbreaking ceremony.
- Dangote Group has also signed a deal worth more than $450 million with Engineers India Ltd. (EIL) to oversee the development of the planned refinery and petrochemical plant.
- EIL disclosed the contract in a filing on the Mumbai Stock Exchange on September 22, 2026.
The company will provide project management and engineering, procurement and construction management services for the 700,000-barrels-per-day facility.
The contract extends EIL’s existing relationship with Dangote, having previously worked on the development of the Dangote Petroleum Refinery in Lagos.
Dangote Refinery targets 1.4 million barrels
Dangote Group is also expanding its refining capacity in Nigeria, with plans to increase the Dangote Petroleum Refinery’s crude-processing capacity from its current 700,000 barrels per day to about 1.4 million barrels per day. The expansion involves adding another 750,000-barrels-per-day crude oil distillation unit.
The group has said the expansion is expected to be completed by 2028, while the refinery has separately indicated a broader target of reaching 1.4 million barrels per day by 2029.
Nigeria’s seaborne refined petroleum exports to Europe averaged 130,000 barrels per day in the second quarter of 2026.
This was up from 15,000 barrels per day in 2023, representing an increase of about 767%, according to the U.S. Energy Information Administration, which cited Vortexa shipping data.
The increase in refined petroleum exports has coincided with the expansion of Dangote Refinery’s operations, with the facility exporting refined products to markets across Africa and Europe.
