Dangote Group is on track to roughly double its annual revenue this year, a senior executive said on Friday, as Kenyan President William Ruto toured the conglomerate’s Lagos refinery and reaffirmed his government’s support for a planned sister facility in Kenya.
Aliyu Suleiman, Dangote Group’s Chief Strategy Officer, said the company posted about $17 billion in revenue in the first half of 2026 and is positioned to reach roughly $36 billion for the full year, up from $18 billion in 2025. He linked the growth to continued investment across the group’s cement, sugar, fertilizer, refining and upstream oil and gas operations, describing it as part of a longer-term push toward $100 billion in annual revenue by 2030. He said the group intends to nearly double its investment pace over the next five years to fund further expansion across the continent.
Ruto visited the 700,000-barrel-per-day Dangote Petroleum Refinery in Lagos’s Lekki Free Trade Zone after attending the United Nations General Assembly in New York. He called the facility a significant technical and industrial achievement and said the visit strengthened his confidence in a proposed refinery of similar scale planned for Lamu, Kenya. Ruto said Kenya has already secured the necessary land for the project and is working to resolve remaining administrative issues ahead of a groundbreaking expected within days. He described the Lamu facility as a regional project rather than one serving Kenya alone, and said it is expected to generate about 60,000 jobs.
BACKGROUND
The Lagos refinery began operations in 2023 following roughly a decade of construction and an estimated $20 billion investment. Dangote is now expanding it further, targeting capacity of 1.4 million barrels per day by 2029 through an additional outlay of about $14.3 billion. That expansion coincides with an initial public offering for the refinery, which is seeking to raise approximately $1.6 billion through a share sale; proceeds are expected to help finance the capacity increase.
The Lamu refinery in Kenya, valued at an estimated $15 billion to $17 billion depending on the source, is planned to match the Lagos facility’s output capacity and represents Dangote’s broader effort to extend its industrial model into East Africa.
