Aliko Dangote selects Lamu, Kenya for $17 bn refinery

Nigeria’s billionaire Aliko Dangote has confirmed that the planned 700,000‑barrel‑per‑day oil refinery will be built on Lamu Island off Kenya’s coast. The project, costing up to $17‑19 billion, will be financed through internally generated cash, bond issuances and a future initial public offering. Soil testing and engineering design are already under way and construction is expected to take about 30 months once ground is broken. "Kenya was the choice from the beginning," said Edwin Devakumar, Dangove’s vice‑president for oil and gas.

The refinery is intended to supply Kenya and neighbouring markets – Uganda, Tanzania, South Sudan and the Democratic Republic of Congo – reducing the region’s reliance on imported refined fuel. Kenyan President William Ruto has set a groundbreaking ceremony date and pledged seed capital, positioning the project as a catalyst for East Africa’s energy security and logistics hub development.