igeria’s Dangote Petroleum Refinery has reported a major financial turnaround, recording a net profit of $4.73 billion for the first nine months of 2026, according to financial results released on October 13. The development marks a significant improvement from the $117.2 million loss recorded during the corresponding period in 2025.
The refinery’s revenue more than doubled to $22.48 billion between January and September 2026, compared with $9.19 billion in the same period last year. Its performance was supported by higher crude processing volumes, improved operational efficiency, stronger refining margins and increased demand for refined petroleum products.
The company also recorded substantial growth in its earnings before interest, taxes, depreciation and amortisation, which rose to $5.52 billion from $627.6 million a year earlier. Operating cash flow increased to $3.68 billion, compared with $364.7 million in the corresponding period of 2025.
The refinery ended September with cash holdings of $6.69 billion and moved from a net debt position of $1.73 billion in the previous year to a net cash position of $650.8 million.
The results come as the company prepares for its planned initial public offering (IPO), through which it intends to raise approximately $1.6 billion. The offering is expected to give investors an opportunity to acquire shares in one of Africa’s largest industrial projects.
According to Reuters, the IPO application deadline has been extended from October 13 to October 27, 2026, following strong investor interest. The extension is intended to give prospective investors additional time to participate in the offer.
Located on the outskirts of Lagos, the refinery was built at an estimated cost of $20 billion and began operations in 2024. With a stated processing capacity of 700,000 barrels of crude oil per day, it has become a major player in Nigeria’s petroleum market.
The facility has helped reduce the country’s reliance on imported refined petroleum products and has expanded the potential for Nigeria to supply fuel to other markets. Its products have also reached international buyers, including customers in Western Europe.
The company plans to increase its refining capacity to 1.4 million barrels per day by 2029. If achieved, the expansion could strengthen its position in the international energy market and increase its capacity to supply domestic and regional demand.
However, the refinery’s long-term impact on Nigerian consumers will also depend on factors such as crude oil supply, exchange-rate movements, transportation costs and competition in the downstream petroleum sector.
The latest financial results represent a major milestone for the refinery as it moves from its initial operational phase towards expansion and public investment. Its planned IPO will also test investor appetite for large-scale Nigerian industrial businesses.
