The $16 billion Dangote East Africa Petroleum Refinery and Petrochemicals Special Economic Zone is set for launch in Mokowe, Lamu County, Kenya.
The proposed refinery is expected to process 700,000 barrels of crude oil per day and is targeted for completion by 2030.
It will process crude from Kenya’s Turkana oilfields as well as supplies from other African countries, with the aim of reducing the region’s reliance on imported petroleum products.
Speaking in Nairobi on Tuesday, Aliko Dangote said the project was part of efforts to move Africa from exporting raw materials to producing finished products within the continent.
Dangote said he expected most African countries to achieve greater fuel self-sufficiency by 2030.
“By 2030, the majority of African countries will be self-sufficient. It does not matter where it is refined, but it should be in the African continent, on the soil of Africa,” he said.
The Lamu project has faced opposition over land rights and potential environmental concerns, including objections from Greenpeace and other groups.
Dangote dismissed the concerns, saying opposition was expected with major industrial projects.
The businessman also disclosed plans to invest an additional $50 billion across Africa after committing more than $25 billion to existing businesses.
He said the new investments would focus on large-scale industrial projects and expanding African ownership through capital markets.
“We want to create and generate wealth for Africans, to make sure that we defend our markets. And the only way to defend the market is not to do baby steps. It’s better we do big scale,” Dangote said.
Kenyan President William Ruto’s chief economic adviser, David Ndii, said the Lamu refinery emerged from discussions among African policymakers, financiers and business leaders on using the continent’s natural resources to drive industrialisation.
Ndii said the East African market for finished petroleum products was estimated at about 20 million metric tonnes annually, with the potential to reach 30 million tonnes.
Dangote also said the ongoing public offer of Dangote Petroleum Refinery was aimed at increasing African participation in the ownership of major businesses rather than simply raising funds.
He said the group planned to gradually offer more shares in its businesses as investor demand increased.
“It’s not because we need the money. No. It’s because we want to share this prosperity with everybody,” he said.
Dangote added that if the Lamu refinery is eventually listed on a stock exchange, he would prefer it to be listed in Kenya.
