Africa’s richest man, Aliko Dangote, has revealed that he is considering Kenya as the preferred location for a proposed 650,000-barrel-per-day oil refinery in East Africa, with the billionaire businessman stating that the project would largely depend on the support of Kenyan President William Ruto.
According to a report published by the Financial Times on Sunday, Dangote said he was leaning towards the Kenyan coastal city of Mombasa instead of Tanzania’s Tanga port because of its stronger economic potential and logistical advantages.
“I’m leaning more towards Mombasa because Mombasa has a much larger, deeper port,” Dangote said during the interview.
The latest development comes only weeks after President William Ruto disclosed that East African nations were already holding discussions on plans to establish a joint regional refinery at Tanzania’s Tanga port, modelled after Nigeria’s Dangote Refinery.
However, Dangote appeared to favour Kenya while comparing the two proposed locations, citing the country’s larger economy, stronger fuel demand and higher consumption levels.
“Kenyans consume more. It’s a bigger economy,” the Nigerian billionaire stated.
Dangote also stressed that the future of the multi-billion-dollar project would ultimately depend on the Kenyan government and the willingness of President Ruto to support the initiative.
“The ball is in the hands of President Ruto,” he said. “Whatever President Ruto says is what I’ll do.”
According to the Financial Times, Dangote estimated that the refinery project would require between $15 billion and $17 billion to complete.
If eventually realised, the refinery would significantly transform East Africa’s energy sector, as countries within the region currently rely heavily on imported refined petroleum products, most of which are sourced from the Middle East.
The dependence on imports has left several East African economies vulnerable to supply disruptions and volatile fuel prices, particularly amid growing geopolitical tensions and recent conflicts affecting global oil markets.
Analysts believed a regional refinery could improve energy security, reduce import dependence and lower transportation costs across East Africa.
Dangote had earlier hinted at plans to replicate the Nigerian refinery model in East Africa while speaking at an infrastructure summit held in Nairobi last month.
During the summit, the business mogul stated that he was capable of building a refinery similar to his 650,000-barrel-per-day Lagos-based facility in East Africa if governments across the region were prepared to provide the necessary support and investment environment.
The proposed refinery would rank among the largest industrial projects on the African continent and could potentially position East Africa as a major refining hub in the region.
