Kenya: Dangote's Lamu Refinery, a $16 Billion Project, Officially Launched with Afreximbank Support

The groundbreaking ceremony for the Dangote oil refinery in Lamu took place in Kenya, in the presence of President William Samoei Ruto. The estimated $16 billion investment targets a processing capacity of 700,000 barrels of crude oil per day and is expected to create around 60,000 jobs, according to an Afreximbank statement. The pan-African bank, which congratulated the government and people of Kenya as well as the Dangote Group, stated that the refinery will source its supply notably from African producers such as Uganda to supply refined products to Kenya and regional markets. Dr. George Elombi, Chairman of the Board of Directors of Afreximbank, stated that "the scope of this investment goes far beyond the construction of a refinery" and that "Africa has the capital, businesses, and markets needed to gradually break free" from its dependence on distant supplies. In Kenya, the bank has committed a $3 billion Country Programme since 2023, including $800 million for climate adaptation, and is supporting Dongo Kundu and Naivasha II industrial parks with nearly $1 billion, expected to create 140,000 jobs. For Kenya, the project promises to reduce dependence on refined product imports and open export opportunities to East and Central Africa; for Uganda, a crude producer, it offers an alternative regional route to distant exports.