Nigerian billionaire Aliko Dangote has offered East African countries a combined 30% equity stake in his proposed oil refinery in Kenya, worth about $1.5 billion.
Kenya is expected to take 10% valued at $500 million. Ethiopia and Rwanda have also shown interest in investing.
The disclosure was made by Kenyan President William Ruto’s economic adviser, David Ndii, at a capital markets forum in Nairobi.
The planned refinery in Lamu will have a capacity of up to 700,000 barrels of crude oil per day and is expected to serve the wider East African market.
The project aims to reduce the region’s reliance on fuel imports and improve energy security.
Source : David Ndii, Economic Adviser to President William Ruto
