Dangote Refinery Posts $1.82bn Half-Year Profit as Global Fuel Disruptions Boost Exports

By GLEBM News Desk

Dangote Petroleum Refinery and Petrochemicals recorded a $1.82 billion net profit in the first half of 2026, marking a sharp turnaround from the $476 million loss recorded for the whole of 2025.

The refinery generated more than $13 billion in revenue during the first six months of the year as disruptions to Middle Eastern fuel supplies created stronger demand for refined petroleum products from alternative suppliers.

The 650,000-barrel-per-day refinery has increasingly become an important supplier to both the Nigerian market and international customers.

Its exports have expanded as European markets have faced tighter supplies of diesel and jet fuel following disruptions around major Middle Eastern shipping routes.

Jet-fuel exports reached about 80,000 barrels per day during the second quarter, helping fill part of the supply gap created by disruptions to European imports.

The refinery has also increased diesel and gasoil exports, with volumes reportedly rising by about 23 per cent to approximately 48,000 barrels per day in 2026 to date.

At home, the refinery’s growing production has contributed to a sharp reduction in Nigeria’s dependence on imported petrol. Petrol imports have fallen from around 400,000 barrels per day in 2024 to approximately 83,000 barrels per day in 2026.

The company is also pursuing an expansion that could take its refining capacity to 1.4 million barrels per day by 2029.

The strong financial performance comes as the refinery prepares for its public offering, which has generated substantial interest among Nigerian retail and institutional investors.

The development marks an important shift in Nigeria’s downstream petroleum industry, with the country’s largest refinery increasingly participating directly in international refined-product markets.