Dangote Group’s projection of $36 billion in revenue for 2026 is providing a stronger financial backdrop for the ongoing initial public offering of its petroleum refinery, as the group expands its refining and industrial operations across Africa.
The group generated approximately $17 billion in revenue in the first half of 2026 and is targeting $36 billion for the full year, representing a 100 per cent increase from the $18 billion recorded in 2025, according to its Chief Strategy Officer, Aliyu Suleiman.
Suleiman attributed the growth to performance across the group’s cement, sugar, fertiliser, petroleum refining, upstream oil and gas and other strategic businesses.
He said the group executed approximately $50 billion in capital expenditure between 2020 and 2025 and plans to invest nearly twice that amount over the next five years under its Vision 2030 strategy.
A major component of the expansion is the proposed 700,000 barrels-per-day refinery and petrochemical complex in Lamu, Kenya, estimated at about $17 billion.
Dangote Group has also signed a contract worth more than $450 million with Engineers India Limited for project management consultancy and engineering services for the Lamu project.
The group said the East African refinery would contribute to its long-term ambition of building a $100 billion African industrial enterprise while supporting regional energy security and industrial development.
In Nigeria, the Dangote Petroleum Refinery is also being positioned for further expansion, with plans to increase its processing capacity from 700,000 barrels per day to approximately 1.4 million barrels per day through the addition of a new 750,000 barrels-per-day crude distillation unit.
The developments form part of the broader investment case surrounding the refinery, which is currently the subject of an IPO intended to give investors an opportunity to acquire an equity stake in the business.
The Vice President, Oil & Gas, Dangote Industries Limited, Edwin Devakumar, said the interest generated by the IPO reflects attention to the refinery’s operations, infrastructure and expansion plans.
“The enthusiasm being shown by investors is a reflection of confidence in the refinery’s strong fundamentals, operational efficiency, and long-term growth prospects,” Devakumar said.
The $20 billion Dangote Petroleum Refinery has a processing capacity of 700,000 barrels per day and produces Premium Motor Spirit, diesel, aviation fuel, liquefied petroleum gas and other refined petroleum products for domestic and export markets.
The refinery’s expansion, alongside the proposed Lamu project and the group’s wider investments in ports, gas infrastructure, LNG, upstream oil and gas, power generation and mining, represents a significant part of Dangote Group’s strategy to expand its industrial footprint across Africa.