Africa’s richest man, Aliko Dangote, has announced plans to build a 650,000 barrels-per-day refinery in East Africa, mirroring the scale of his flagship facility in Nigeria, as part of a broader push to deepen industrial capacity across the continent.
Dangote made the disclosure at a high-level summit in Nairobi on Thursday, where African leaders, financiers, and industry stakeholders gathered to discuss the continent’s growing energy and infrastructure needs.
Addressing Presidents William Ruto and Yoweri Museveni, Dangote said the refinery project would depend on strong government backing and policy consistency.
I thank H.E. William Ruto and the Africa Finance Corporation (AFC) for organising the Africa We Build Summit. I am glad that the AFC are speaking my language, the language of revolution.
Africa’s GDP is only about $3.6 trillion despite our vast land and population. Countries… pic.twitter.com/xAX5sE2f8j
— Yoweri K Museveni (@KagutaMuseveni) April 23, 2026
“That’s why, as a group, we have now launched an initiative where, between now and 2030, we’re investing $40 billion in various fields,” he said
“Even now, I can give a commitment to the two presidents who are here that if they support the refinery, we will build an identical one to what we have in Nigeria—650,000 barrels.”
He emphasised that the proposal is still at an early stage but expressed confidence in its feasibility.
When asked about the feasibility of the project, the industrialist said it will “definitely” work, adding that “There’s nothing that can stop it.”
READ ALSO: Africa Faces 86mn Tonne Fuel Shortfall By 2040 — Report
Push for Self-Sufficiency
Dangote used the platform to argue that Africa must move away from its long-standing dependence on imports and instead build domestic industrial capacity.
“We export raw materials, which means when you export raw materials, you are exporting jobs, and when you import, you are importing poverty because you are creating jobs out there, not here on the continent,” he said.
He stressed that industrialisation—particularly in refining, fertiliser production and petrochemicals—is critical to reversing that trend and creating jobs on the continent.
The proposed East African refinery forms part of a wider $40 billion investment plan by his group between now and 2030, targeting key sectors that underpin economic transformation.
Backdrop of Growing Fuel Deficit
Dangote’s announcement comes as the Africa Finance Corporation (AFC) warned that the continent could face an 86 million tonne fuel shortfall by 2040.
According to the AFC report presented at the summit, Africa currently imports over 70 percent of its refined fuel and spends about $230 billion annually on essential imports, including fuel, food, and industrial goods.
The report projects that fuel import demand will rise from 74 million tonnes in 2023 to 86 million tonnes by 2040—equivalent to nearly three refineries the size of Dangote’s Lagos facility.
Leaders Call for Shift in Strategy
African industrialists and entrepreneurs are key drivers of economic growth and innovation in various sectors, including manufacturing, industrialisation, banking and technology.
As a result, they are crucial partners with governments in transforming our countries, especially in… pic.twitter.com/5smcpcgcth
— William Samoei Ruto, PhD (@WilliamsRuto) April 23, 2026
President William Ruto echoed Dangote’s position, warning that Africa must rethink its economic model.
“Our ambitions will remain unrealised if we continue to depend on external capital whose primary interest is securing raw materials,” Ruto said, adding: “We cannot continue to export raw materials and import finished products made from them.”
The summit also highlighted vulnerabilities in Africa’s energy systems, particularly exposure to global supply shocks and infrastructure gaps across the continent.
A Broader Industrial Vision
Beyond refining, Dangote pointed to ongoing efforts to scale fertiliser production and petrochemical capacity across Africa, including plans to expand urea output and establish blending plants in underserved regions.
“With the support of the government, there’s nothing that is impossible,” he said, expressing confidence that Africa can achieve self-sufficiency in key industrial inputs.
For Dangote, the refinery proposal represents a continuation of a larger vision—to reposition Africa from a net importer to a global industrial player.
“Let us not be scared… It is possible. Africans can do it,” he said.
As discussions continue, the proposed East Africa refinery could mark a significant step toward addressing the continent’s looming fuel deficit while advancing its long-term goal of economic independence.
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