Dangote Refinery Posts $4.7 Billion Profit Ahead of Africa's Largest IPO

· Oil & Gas · Nigeria

Nigeria's Dangote refinery has swung from a $117.2 million loss to a $4.73 billion net profit in the first nine months of 2026, a dramatic turnaround achieved in less than a year. The company is now seeking $1.6 billion from investors in what would be Africa's largest IPO. The result underscores the scale of the 650,000-barrel-per-day refinery, which has reshaped West African fuel supply since starting operations, and marks a milestone for African capital markets.

Why it matters：Dangote's profitability and IPO plans mark the rise of a major new refining force in Africa, potentially reducing the region's reliance on imported fuels and reshaping global product flows.

Key points

  • Net profit of $4.73 billion for the first nine months of 2026.
  • Reverses a $117.2 million loss in the prior period.
  • Seeking $1.6 billion in what would be Africa's largest IPO.

Sources (original reporting)

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