L-R, President/CE, Dangote Industries Limited, Aliko Dangote; Chairman Presidential Petroleum Reform & Value Optimization Task Force, Dr. Fola Adeola; During the Presidential Petroleum Reform & Value Optimization Task Force Meeting in Lagos recently
By Peace Udugba — The Daily Torch Media
Investor interest in the Dangote Petroleum Refinery Initial Public Offering (IPO) has continued to attract attention following projections that Dangote Group could generate about $36 billion in revenue in 2026.
The projection was disclosed by the Group’s Chief Strategy Officer, Aliyu Suleiman, who said Dangote Group generated approximately $17 billion in revenue in the first half of 2026 and was on course to achieve about $36 billion by the end of the year.
If achieved, the projected figure would represent a significant increase from the approximately $18 billion revenue reportedly recorded by the Group in 2025.
The revenue outlook comes as investors consider the Dangote Petroleum Refinery IPO as an opportunity to participate in the expansion of one of Africa’s largest integrated industrial businesses.
A Lagos-based institutional investor, Tunde Adebayo, said the Group’s projected growth and the refinery’s position in the energy market influenced his decision to subscribe to the IPO.
According to him, the projected $36 billion revenue demonstrates the scale of Dangote Group’s operations and its potential for further expansion.
Another investor, Amina Bello from Abuja, said the refinery’s ability to supply petroleum products to the Nigerian market and export destinations was among the factors that attracted her interest.
Investment manager and Dangote Cement shareholder, Dr Samuel Okonkwo, also pointed to the refinery’s expansion plans as a factor in his investment decision.
He cited the proposed expansion of the refinery’s processing capacity to about 1.4 million barrels per day, as well as Dangote Group’s plans for an East African refinery project.
The Group’s Vision 2030 strategy is also expected to play a major role in its expansion plans. Suleiman said Dangote Group invested approximately $50 billion in capital expenditure between 2020 and 2025 and plans to invest nearly twice that amount over the next five years.
One of the major projects under consideration is a proposed 700,000-barrel-per-day refinery and petrochemical complex in Lamu, Kenya, estimated at about $17 billion.
Dangote Group has reportedly signed a contract valued at more than $450 million with Engineers India Limited (EIL) for project management consultancy and engineering services for the proposed project.
The planned East African refinery is expected by the Group to contribute to its long-term ambition of building a $100 billion African industrial enterprise while supporting regional energy supply and industrial development.
Speaking on investor interest in the refinery, Vice President, Oil & Gas, Dangote Industries Limited, Edwin Devakumar, attributed the market response to confidence in the refinery’s operations, infrastructure and growth plans.
He said the refinery’s integrated infrastructure, strategic location and ability to produce petroleum products to international standards provide a platform for future expansion.
The $20 billion Dangote Petroleum Refinery, located in Lagos, has continued to increase production of Premium Motor Spirit (PMS), diesel, aviation fuel, liquefied petroleum gas (LPG) and other refined petroleum products.
The refinery’s growing output is aimed at meeting domestic demand while also serving regional and international markets.
The Dangote Group’s projected revenue, expansion programme and refinery development plans have consequently become major factors in discussions around the company’s long-term growth prospects.
However, projected revenue and potential investment returns remain subject to the Group’s actual financial performance, market conditions, operating costs and other business risks.
