Dangote Group is targeting $36bn in revenue this year as it expands its investments across Africa, with its proposed $17bn refinery and petrochemical complex in Kenya emerging as a major part of its growth strategy.
The conglomerate generated about $17bn in revenue in the first half of 2026 and is on course to double the $18bn recorded in 2025, its Chief Strategy Officer, Aliyu Suleiman, said during Kenyan President William Ruto’s visit to the Dangote Petroleum Refinery in Lagos.
Suleiman attributed the growth to investments in cement, sugar, fertiliser, petroleum refining, upstream oil and gas and other strategic businesses.
He said the group invested about $50bn in capital expenditure between 2020 and 2025 and plans to invest twice that amount over the next five years as it accelerates its expansion across Africa.
“Our half-year revenue is already about $17 billion,” Suleiman said.
The company’s expansion plans include the proposed 700,000 barrels-per-day refinery and petrochemical complex in Lamu, Kenya, which is estimated to cost $17bn.
Ruto, who visited the Lagos refinery after attending the United Nations General Assembly, described the facility as “a masterpiece of science, engineering, with art”.
The Kenyan president said preparations had been concluded for the groundbreaking of the Lamu project, which he described as a regional refinery rather than a facility solely for Kenya.
According to Ruto, the project is expected to support industrialisation, create jobs, strengthen engineering and technical capacity, improve energy security and promote economic integration across East Africa.
“The Government of Kenya is 100 per cent behind this project. We have secured the required land and are working to ensure that we spend our time building rather than navigating administrative delays,” he said.
Suleiman said the Lamu refinery would be a major component of Dangote Group’s ambition to build a $100bn African industrial enterprise.
“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.
Dangote Group has signed a contract worth more than $450m with Engineers India Limited for project management consultancy and engineering, procurement and construction management services for the Lamu refinery and petrochemical complex.
The Indian firm was also involved in the development of the Dangote Petroleum Refinery in Lagos.
Ruto also praised Dangote Group President and Chief Executive, Aliko Dangote, for his understanding of the technical and operational processes of the Lagos refinery.
“The detail with which Aliko Dangote understands this plant is remarkable,” Ruto said.
Meanwhile, Dangote Group is planning to expand the Lagos refinery’s capacity from 700,000 barrels per day to about 1.4 million barrels per day through the addition of a 750,000-barrels-per-day crude distillation unit.
The group said its broader expansion plans would cover port and gas infrastructure, LNG, upstream oil and gas, power generation, mining and other industrial investments across Africa.
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