Dangote Refinery posts US$1.82bn H1 2026 profit as jet fuel exports to Europe reach 80,000 bpd
Nigeria’s Dangote Refinery recorded a US$1.82 billion net profit in the first half of 2026, supported by increased fuel exports to Europe as disruptions to Middle Eastern supplies tightened global markets.
The refinery generated more than US$13 billion in revenue during the six months, marking a sharp turnaround from the US$476 million loss recorded in 2025.
The 650,000-barrel-per-day facility increased exports of refined products as supply disruptions reduced Europe’s access to diesel and jet fuel.
Dangote supplied about 80,000 barrels per day of jet fuel to Europe during the second quarter, accounting for roughly 13% of the supply shortfall, according to Kpler data cited by Reuters.
Rising exports to Europe
Dangote also increased exports of diesel and gasoil, with volumes rising 23% to about 48,000 barrels per day in 2026 to date.
The refinery’s growing role in international fuel markets came as disruptions to Middle Eastern exports pushed European fuel inventories to their lowest levels in more than a decade.
Since beginning operations in 2024, the refinery has also reduced Nigeria’s dependence on imported petrol.
Nigerian petrol imports have fallen from about 400,000 barrels per day in 2024 to roughly 83,000 barrels per day in 2026, as Dangote increased domestic production.
Expansion plans
Dangote is planning to increase the refinery’s capacity to 1.4 million barrels per day, which would place it among the largest refining facilities globally.
The company is also investing in additional processing capability, including a new diesel hydrotreater that is expected to allow the refinery to produce a wider range of diesel specifications for international markets.
The strong first-half performance comes as Dangote Refinery prepares for an initial public offering on the Nigerian Exchange.
The IPO is expected to raise about US$1.6 billion, with proceeds supporting the planned expansion and future capital requirements.
The refinery’s expanding export volumes have increasingly positioned Nigeria as a supplier of refined petroleum products to international markets, while its growing domestic output has reduced the country’s reliance on imported fuels.
