Nigeria’s Dangote Refinery recorded a $1.82 billion net profit in the first half of 2026 as fuel exports to Europe increased during a period of supply disruption.
The refinery also supplied about 80,000 barrels of jet fuel per day to Europe during the second quarter.
Business Insider Africa, citing Reuters, reported that the shipments covered about 13% of the jet-fuel supply Europe lost because of disruptions in the Middle East.
Dangote Refinery profit marks major turnaround
The $1.82 billion half-year profit represents a sharp change from 2025.
The refinery recorded a $476 million loss last year as it increased production and faced substantial financing costs.
Revenue exceeded $13 billion during the first half of 2026.
Higher production and stronger refining margins for products including diesel and jet fuel supported the results.
Dangote also increased diesel and gasoil exports to Europe and West Africa.
Its location on Nigeria’s Atlantic coast gives the refinery direct shipping access to European and American markets.
That position has become more important as disruptions have affected some fuel shipments from the Middle East.
European fuel shortage boosts exports
Supply disruptions removed about a quarter of Europe’s usual diesel and jet-fuel supplies from the Middle East, according to the reporting.
As a result, European inventories fell to their lowest level in 12 years.
Dangote Refinery increased exports during the shortage, strengthening its position in Europe’s aviation-fuel market.
However, current market conditions may not last.
If disrupted supplies return, European fuel prices and refining margins could decline. The refinery would then depend more heavily on operating efficiency, reliable crude supplies and sustained demand.
Dangote plans major refinery expansion
The results come as Dangote seeks new investment for the refinery.
The company is offering 4.1 billion new shares at 525 naira each in a public offering expected to raise about $1.6 billion.
Part of the proceeds is expected to support plans to double the refinery’s processing capacity to 1.4 million barrels per day.
The company is also considering a secondary US listing within four years.
The refinery can process multiple crude grades and produce several types of fuel. However, investors also face risks linked to the cost of expansion, Nigerian regulation and volatility in global energy markets.
Its growing European exports show that the refinery is developing a significant international business alongside its role in Nigeria’s domestic fuel market.