Aliko Dangote, president of Dangote Group is preparing to spend as much as $17 billion building Africa’s second-largest oil refinery on Kenya’s Lamu Island, a project that could redraw fuel-supply lines across East Africa if the financing holds together.
The Nigerian billionaire confirmed the site last week, settling on the coastal, UNESCO-protected island over rival locations after months of talks with President William Ruto’s government. The plant is designed to process 700,000 barrels of crude a day, a scale that would dwarf existing regional refining capacity and position Dangote Industries Limited as the dominant fuel supplier from Mombasa to landlocked markets further inland.
The company has yet to disclose an official price tag. Bloomberg has reported the build could cost up to $17 billion, which would make it one of the largest privately financed industrial projects on the continent.
Dangote Industries plans to fund construction through a combination of internally
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