Dangote Refinery Posts $4.7bn Net Profit, $22.5bn Revenue In 9 Months
Dangote Petroleum Refinery and Petrochemicals has recorded $22.5 billion in revenue and $4.7 billion in net profit for the nine months ended September 30, 2026, compared with a loss of $117.2 million in the…
The Dangote Petroleum Refinery, commissioned in 2023 near Lagos as Africa's largest single-train refinery, was built with the aim of ending Nigeria's long-standing reliance on imported refined petroleum products and conserving foreign exchange historically spent on fuel imports. Its financial performance is closely watched as an indicator of whether the multi-billion-dollar facility is delivering on promises to stabilise local fuel supply, create jobs, and eventually support petrochemical exports, even as it has at times clashed publicly with oil marketers and regulators over pricing and crude supply arrangements.
Both Leadership and BusinessDay cite the same nine-month figures to September 30 — $22.5 billion in revenue and $4.7 billion in net profit — framing it as a sharp reversal from an earlier reported loss. BusinessDay adds a detail not in Leadership's report, noting the refinery's cash reserves reached $6.7 billion, offering a fuller picture of its balance-sheet strength. Neither outlet's headline specifies how the results were audited, the breakdown between fuel and petrochemical sales, or what the company itself has said about the drivers behind the turnaround.