Dangote to Start $17 Billion Kenya Refinery by September

The Dangote Group, led by Africa’s richest man Aliko Dangote, is set to begin construction of a $17 billion oil refinery in Lamu, Kenya, by the end of September 2023. The refinery is projected to be completed within three years and is part of Dangote's strategy to expand his energy business across Africa.

The announcement was made during the opening of the initial public offering (IPO) of Dangote Petroleum Refinery and Petrochemicals FZE in Lagos, Nigeria, which is expected to raise approximately $1.6 billion and value the business at nearly $50 billion. The IPO has sparked significant interest among Nigerian stockbrokers, banks, and fintech companies, aiming to engage up to 10 million investors.

Additionally, the refinery will replicate the scale and design of the Dangote Refinery in Lagos, currently Africa's largest single-train refinery. David Ndii, an economic adviser to Kenyan President William Ruto, noted that Kenya would hold a 10% stake in the project, with Ethiopia and Rwanda also expressing interest.