Aliko Dangote, President Ruto Lead Groundbreaking Of $16 Billion, 700,000 bpd Lamu Refinery
Africa’s richest man, Aliko Dangote, has expanded his refinery empire beyond Nigeria, as he and Kenyan President William Ruto on Wednesday led the groundbreaking ceremony for the Dangote East African Refinery in Lamu.
The ceremony, held with pomp and colour, drew regional leaders and business moguls for what is being described as one of Africa’s biggest energy investments.
For Nigerian readers, the scale is massive. The refinery will cost about $16 billion dollars — which is over N24 trillion in Nigerian Naira at current exchange rate, and about KSh 2 trillion in Kenyan currency. The plant is designed to process 700,000 barrels of crude oil per day, making it even bigger than the 650,000 bpd Dangote Refinery in Lekki, Lagos.
Among the dignitaries present were Ugandan President Yoweri Museveni, Ethiopian Prime Minister Abiy Ahmed, Togo President Jean-Luc Savi de Tové and Benin President Romuald Wadagni.
Speaking at the event, Dangote said the refinery will first buy crude oil produced in East Africa, including Kenya’s own Turkana oil fields, before importing from the Middle East. He also said he expects President Ruto and other African leaders to return to commission the project within 40 months.
The project is expected to turn Lamu into a major energy hub, create thousands of jobs and reduce East Africa’s dependence on imported fuel — a similar story to what Dangote Refinery is doing for Nigeria.
