Dangote Group, a leading conglomerate in Nigeria, is on track to achieve a record $36 billion in revenue for 2026, representing a 100 per cent increase over the $18 billion recorded in 2025. The group's chief strategy officer, Aliyu Suleiman, disclosed this during a tour of the Dangote Petroleum Refinery in Lagos by Kenyan President William Samoei Ruto. The strong performance was driven by sustained investments across key sectors, including cement, sugar, fertiliser, petroleum refining, upstream oil and gas, and other strategic businesses.
The growth is anchored in the Group's Vision 2030 Strategy, which aims to expand its industrial footprint across Africa and build globally competitive businesses on the continent. According to Suleiman, the group's revenues have grown significantly over the last five years, with half-year revenue already at about $17 billion. The Vision 2030 Strategy is expected to drive the group's expansion across Africa and enhance its position as a leading player in various industries.
Dangote Group has executed a capital expenditure programme of approximately $50 billion between 2020 and 2025 and intends to invest twice that amount over the next five years. The group aims to accelerate its expansion across Africa, with a key pillar of that expansion being the proposed 700,000 barrels-per-day greenfield refinery and petrochemical complex in Lamu, Kenya, estimated at about $17 billion. This project is expected to be a major contributor to the group's growth.
The Lamu refinery project is a significant component of Dangote Group's plan to achieve $100 billion in revenue. The group has signed a contract worth more than $450 million with Engineers India Limited (EIL) to provide project management consultancy and engineering, procurement and construction management services for the Lamu project. This partnership builds on EIL's involvement in the development of the Dangote Petroleum Refinery in Lagos.
Dangote Group is also progressing plans to expand the processing capacity of the Dangote Petroleum Refinery in Nigeria from 700,000 barrels per day to approximately 1.4 million barrels per day through the addition of a new 750,000 barrels-per-day crude distillation unit. The expansion is expected to further solidify Nigeria's position as a leading exporter of refined petroleum products and enhance Africa's energy self-sufficiency.
Kenyan President William Samoei Ruto, who toured the Lagos refinery, described it as "a masterpiece of science, engineering and art." He said Kenya had secured land and was removing bureaucratic bottlenecks for the groundbreaking of the Lamu refinery. The Kenyan government's support for the project is expected to enhance the group's growth in East Africa.
The Dangote Group's ambitious plans are expected to have a significant impact on the African economy. With a strong focus on expansion and investment, the group is poised to become a leading player in various industries across the continent. The group's commitment to energy self-sufficiency and industrial development is expected to drive growth and create new opportunities for economic development.
Key points
- Dangote Group targets $36bn revenue in 2026, driven by sustained investments across key sectors.
- The group intends to invest $100bn in capex over the next five years, with a focus on expansion across Africa.
- The proposed Lamu refinery project in Kenya is expected to be a major contributor to the group's growth.
