African Export-Import Bank (Afreximbank) congratulates the Government and people of the Republic of Kenya, led by H.E. President Dr William Samoei Ruto, on the groundbreaking of the Dangote oil refinery in Lamu. The landmark investment has the potential to significantly expand Africa’s refining capacity, strengthen regional energy security and accelerate the continent’s transition from exporting raw materials to trading value-added products.
The approximately US$16 billion refinery is planned to have capacity to process 700,000 barrels of crude oil per day and is expected to create approximately 60,000 jobs. Its intended regional ownership and market reach underscore its potential as an East African industrial asset. The refinery is expected to process crude sourced from African producers, including Uganda, while supplying refined petroleum products to Kenya and the wider regional market.
The economic significance of establishing large-scale refining capacity is substantial. A project of this scale presents an opportunity to retain more value within Kenyan and African economies, deepen local industrial supply chains, generate employment and associated services, reduce exposure to imported refined products and create a new platform for regional exports.
The project also comes at a consequential moment for Africa’s energy security. Recent disruptions affecting the Strait of Hormuz and continuing instability around the Red Sea and Bab el-Mandeb have again demonstrated the vulnerability created when African economies depend heavily on distant supply chains for strategic commodities. Against this backdrop, expanding African refining capacity is critical to advancing industrialization, Intra-African trade and economic resilience.
Afreximbank also congratulates Mr Aliko Dangote, President and Chief Executive of Dangote Industries Limited, and the Dangote Group, for continuing to make large-scale commitments to Africa’s industrial development.
Afreximbank and Dangote Group have built a longstanding partnership focused on industrialisation, value addition and expanding Africa’s productive capacity. Since 2015, Afreximbank has invested approximately US$15 billion in the Dangote Group. That support has included major financing for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria.
In 2025, Afreximbank signed a US$1.35 billion financing facility as part of an approximately US$4 billion syndicated financing for Dangote Industries Limited. In 2026, the Bank subsequently underwrote US$2.5 billion of a US$4 billion senior syndicated term loan for the refinery, representing the largest participation in the syndicate. Since refining operations began, Afreximbank has also provided a US$1 billion working-capital facility and served as financial adviser on the Naira-for-Crude initiative.
source: APO
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