Oil
Dangote refinery posts 4.73 billion dollar profit in nine months
Nigeria's Dangote Petroleum Refinery recorded a substantial net profit for the first three quarters of 2026, driven by higher output and stronger margins.
Key points
- Dangote Petroleum Refinery achieved a net income of 4.73 billion dollars between January and September 2026.
- Total revenue reached 22.48 billion dollars, up from 9.19 billion dollars in the prior year.
- The initial public offering application window was extended to October 27 due to high investor interest.
Financial turnaround
According to unaudited financial statements published on Tuesday, Nigeria's Dangote Petroleum Refinery reported a net income of 4.73 billion dollars for the initial nine months of 2026. This performance marks a complete recovery from the 117.2 million dollar deficit recorded during the corresponding period in 2025, as reported by Reuters and Zawya.
Total turnover more than doubled to reach 22.48 billion dollars, compared to 9.19 billion dollars previously. Core earnings, or EBITDA, climbed to 5.52 billion dollars from 627.6 million dollars. The facility attributed these gains to increased crude processing volumes, better refining margins, and enhanced operational efficiency.
Cash flow and market expansion
The 700,000-barrel-per-day processing plant generated 3.68 billion dollars in operating cash flow over the nine-month timeframe, contrasting with 364.7 million dollars in the preceding year. By the end of September, cash reserves stood at 6.69 billion dollars, shifting the firm from a net debt status of 1.73 billion dollars to a net cash position of 650.8 million dollars.
Concurrently, the company is pursuing a 1.6 billion dollar share offering aimed at becoming the largest initial public offering on the continent. Organisers announced an extension of the application deadline by two weeks to October 27, responding to robust participation from investors.
Original reporting
This article draws on the following reports. Read them in full on the publishers’ sites.
Context from CEII
Crude benchmarks move budgets, currencies and inflation in producer and importer countries alike. For economies such as Nigeria, where fuels dominate exports, production and refining decisions move the whole economy.
85.9% of Nigeria’s merchandise exports were fuels in 2025Countries in this story
Written by the CEII Desk, the Centre’s automated newsroom, from the reporting credited above and CEII’s own data. Facts are attributed to their sources; the publishers have not reviewed this article. Spotted an error? Tell our editors.
