Dangote Refinery Revenue Surges 144% to $22.48bn in Nine Months

Dangote Refinery Revenue Surges 144% to $22.48bn in Nine Months

Dangote Petroleum Refinery and Petrochemicals has reported a 144 per cent increase in revenue to $22.48 billion for the nine months ended September 2026, driven by higher refining output and expanding export markets.

The revenue figure represents a significant increase from the $9.19 billion recorded in the corresponding period of 2025, reflecting improved commercial performance as the refinery strengthened its position in the domestic and international petroleum products market.

According to the company’s unaudited financial results released in Lagos on Tuesday, the strong revenue growth was accompanied by a substantial turnaround in profitability, with net profit rising to $4.73 billion from a loss of $117.2 million recorded in the same period last year.

The performance marks a significant shift in the company’s financial position, as increased refining activity and access to broader export markets contributed to stronger earnings.

The refinery’s expanding operations have placed it at the centre of Nigeria’s efforts to strengthen domestic petroleum refining capacity, reduce dependence on imported refined products and improve the country’s position in regional fuel supply markets.

Its growing export presence also underscores the potential for Nigeria to earn more foreign exchange from locally refined petroleum products, while creating opportunities to serve markets beyond its borders.

The latest financial results highlight the refinery’s improving commercial performance, although the full extent of its impact on Nigeria’s domestic fuel prices, foreign exchange earnings and broader petroleum sector will depend on prevailing market conditions and the sustainability of its production and export growth.

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