Nigeria: Dangote Refinery Gains From Europe Fuel Shortage With $1.82b Profit

What the report says

Dangote Petroleum Refinery said it earned $1.82 billion in net profit in the first half of 2026, according to figures cited in its IPO prospectus and reported by Daba Finance and carried by AllAfrica. The result came as disruptions to fuel exports from the Middle East boosted demand for products from the Lagos-based plant. Revenue for the period was reported at more than $13 billion, a sharp turnaround from a $476 million loss for 2025.

The refinery’s exports to Europe were a major factor. The report said Europe took about 80,000 barrels a day of jet fuel from Dangote in the second quarter, helping fill part of the supply gap after the Strait of Hormuz was closed following US-Israeli attacks on Iran. Dangote also increased diesel and gasoil exports, selling into West Africa and Europe as regional inventories tightened.

The article said the refinery has also reshaped Nigeria’s domestic fuel market by reducing gasoline imports. It has produced roughly 270,000 to 300,000 barrels of gasoline a day this year, cutting Nigeria’s imports from about 400,000 barrels a day in 2024 to about 83,000 barrels a day in 2026. That shift matters because Nigeria has long relied on imported refined fuel despite being a major crude producer.

The report comes as Dangote sells shares to the public and plans to expand capacity to 1.4 million barrels a day by 2029. The company is also adding equipment to meet more export specifications, underscoring how its business is increasingly tied to both Nigerian fuel supply and wider international market conditions.