The Dangote Group is projecting a record annual revenue of $36 billion in 2026 after generating approximately $17 billion in the first half of the year, putting the conglomerate on course to double the $18 billion it recorded in 2025.
The Group’s Chief Strategy Officer, Aliyu Suleiman, disclosed the figures during a tour of the Dangote Petroleum Refinery in Lagos by Kenyan President William Samoei Ruto, who was in Nigeria following his participation in the United Nations General Assembly.
Suleiman attributed the strong financial performance to sustained investments across the conglomerate’s major business segments, including cement, sugar, fertiliser, petroleum refining, upstream oil and gas, and other strategic ventures.
He said the Group’s revenue had expanded significantly over the past five years, with the latest performance reflecting the impact of its long-term investment strategy.
“Our revenues have grown significantly over the last five years. From $18 billion last year, we are on track to get to $36 billion this year. Our half-year revenue is already about $17 billion,” Suleiman said.
According to him, the growth forms part of Dangote Group’s Vision 2030 Strategy, which is designed to deepen the conglomerate’s industrial presence across Africa while developing globally competitive businesses from the continent.
Suleiman disclosed that the Group invested about $50 billion in capital expenditure between 2020 and 2025 and plans to commit twice that amount over the next five years as it accelerates its expansion programme across Africa.
“Over the next five years, we intend to invest twice that amount as we accelerate our expansion across Africa,” he said.
A major component of the Group’s expansion strategy is the proposed 700,000-barrel-per-day refinery and petrochemical complex in Lamu, Kenya, which is estimated to cost approximately $17 billion.
Suleiman described the proposed East African refinery as a critical part of Dangote’s long-term ambition to build a $100 billion business.
“The East African refinery in Kenya is going to be a key component of our journey and our dream to get to $100 billion. It is going to be a major contributor,” he said.
He also revealed that Dangote Group had signed a contract valued at more than $450 million with Engineers India Limited (EIL) for project management consultancy as well as engineering, procurement and construction management services for the Lamu project.
The agreement builds on EIL’s previous involvement in the development of the Dangote Petroleum Refinery in Lagos.
Apart from its planned investment in Kenya, Dangote Group is also pursuing a major expansion of its Nigerian refining operations.
Suleiman said the Group plans to increase the processing capacity of the Dangote Petroleum Refinery from its current 700,000 barrels per day to approximately 1.4 million barrels per day.
The expansion will involve the installation of an additional 750,000-barrel-per-day crude distillation unit.
According to Suleiman, the additional capacity will strengthen Nigeria’s position as a major exporter of refined petroleum products while contributing to efforts to improve Africa’s energy self-sufficiency.
During his tour of the Lagos facility, President Ruto described the Dangote Petroleum Refinery as “a masterpiece of science, engineering and art.”
The Kenyan president also disclosed that his government had secured land for the proposed Lamu refinery and was working to remove bureaucratic obstacles ahead of the project’s groundbreaking.
The proposed investment would further deepen economic and industrial ties between Nigeria and Kenya while extending Dangote Group’s refining and petrochemical ambitions beyond Nigeria.
With its planned investments in refining, petrochemicals, energy, fertiliser and other industrial sectors, Dangote Group is positioning its Vision 2030 strategy around a broader expansion of its manufacturing and industrial footprint across Africa.
