Investor interest in the Dangote Petroleum Refinery initial public offering (IPO) is gaining momentum as Dangote Group projects revenue of about $36 billion for 2026.
The projection, disclosed by the Group’s Chief Strategy Officer, Aliyu Suleiman, indicates that the conglomerate is on course to double its 2025 revenue of $18 billion.
Suleiman said the Group generated approximately $17 billion in revenue in the first half of 2026, attributing the performance to growth across its diversified businesses and ongoing expansion initiatives across Africa.
The revenue outlook has strengthened investor interest in the Dangote Petroleum Refinery, which is being positioned as a major avenue for investors seeking exposure to Africa’s energy and industrial sectors.
A Lagos-based institutional investor, Tunde Adebayo, who subscribed to the refinery’s IPO, said the Group’s growth trajectory and the refinery’s position in the energy market influenced his investment decision.
“The projected growth trajectory of the Dangote Group and the refinery’s strategic position in the global energy market gave us strong confidence to invest,” he said.
Another investor, Amina Bello from Abuja, said the refinery’s capacity to supply the Nigerian market while serving export markets across Africa and beyond was a major attraction.
An investment manager and Dangote Cement shareholder, Dr Samuel Okonkwo, also cited the refinery’s expansion plans as a factor supporting his investment decision.
The Dangote Group has said it plans to expand the refinery’s processing capacity to about 1.4 million barrels per day, while also pursuing plans for an East African refinery project.
Suleiman said the 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 as part of its Vision 2030 strategy.
A major component of the expansion programme is the proposed 700,000 barrels-per-day refinery and petrochemical complex in Lamu, Kenya, estimated at about $17 billion.
The Group has already signed a contract worth more than $450 million with Engineers India Limited for project management consultancy and engineering services for the proposed project.
The Lamu project is expected to contribute to Dangote Group’s long-term ambition of building a $100 billion African industrial enterprise while supporting energy security and industrial development in East Africa.
Commenting on investor interest, the Vice President, Oil & Gas, Dangote Industries Limited, Edwin Devakumar, said the market response reflected confidence in the refinery’s operations and growth prospects.
He said the refinery’s integrated infrastructure, strategic location and ability to produce petroleum products to international standards were expected to support its long-term performance.
The $20 billion Dangote Petroleum Refinery, described as the world’s largest single-train refinery, produces Premium Motor Spirit, diesel, aviation fuel, liquefied petroleum gas and other refined petroleum products for domestic and export markets.
The company’s expansion programme and rising demand for refined petroleum products are expected to remain key factors shaping investor interest in the refinery as the IPO progresses.
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