Dangote offers Ruto, Museveni oil refinery

Cup pressure peaks as Shabana host Kenya Police in blockbuster quarter-final Football

Upper Hill coach Walgwe unperturbed despite drawing giants in Prescott Cup group phase Rugby

Africa’s richest man, Aliko Dangote, has offered to build a major oil refinery in East Africa similar to his flagship refinery in Nigeria, saying the project can be delivered within five years if regional governments provide support.

Speaking at the Africa We Build Summit in Nairobi on Thursday, Dangote said Kenya and Uganda must take the lead in backing the project, arguing that Africa has the resources and financial institutions needed to fund large-scale industrial projects without relying entirely on foreign investors.

“Even now, I can give commitment to the two presidents who are here; if they will support the refinery, we will build an identical one to the one we have in Nigeria, 650,000 barrels per day,” Dangote said.

He spoke at the summit, where industrialisation and regional trade were among the key issues discussed.

President William Ruto and Ugandan President Yoweri Museveni were present.

Dangote said his group had already committed to investing $40 billion across various sectors by 2030, including refining, fertiliser, petrochemicals and manufacturing.

He noted that Africa had for too long exported raw materials and imported finished products, a model he said had weakened economies across the continent.

“We are a continent of imports. We export raw materials, which means we export jobs, and when we import, we import poverty,” he said.

The businessman pointed to his refinery in Lagos, Nigeria, which currently processes 650,000 barrels per day, as proof that African-led industrial projects can succeed at scale.

He added that the Nigerian facility is being expanded to 1.4 million barrels per day, which would make it one of the largest refineries in the world.

“My commitment today is that if we agree with the three or four governments here about the refinery, we will lead and make sure that the refinery is built within the next four or five years,” he said.

The proposed East African refinery is expected to strengthen regional fuel security and reduce dependence on imported petroleum products, which continue to strain many African economies despite the continent’s large crude oil reserves.

President Ruto backed the call for value addition, saying Africa can no longer afford to export raw materials while importing expensive finished goods.

“Why would we fail? We have the raw materials, we have the market, we have the capital, and we have the industrialists to run these projects,” Ruto said.

Museveni also supported the push, saying exporting unprocessed resources amounted to a major economic loss for African countries.

Dangote further urged African governments to promote visa-free movement across the continent, saying trade would remain difficult if Africans could not move freely within their own countries.

“Today, with a European passport, you can move faster in Africa than being an African. We must stop that,” he said.

The proposal is expected to trigger fresh discussions on regional cooperation in energy infrastructure, with Kenya, Uganda and Tanzania seen as key players in any future refinery project.