By George Ozalla
The African Export-Import Bank (Afreximbank) has congratulated the Government and people of Kenya and the Dangote Group on the groundbreaking of the $16 billion Dangote East Africa Petroleum Refinery and Petrochemicals project in Lamu County.
The groundbreaking ceremony, held on September 30, 2026, in Mokowe, Lamu County, marked the commencement of one of Africa’s largest planned industrial projects.
The refinery is designed to process 700,000 barrels of crude oil per day and is expected to create approximately 60,000 jobs.
Afreximbank said the project has the potential to expand Africa’s refining capacity, strengthen regional energy security and accelerate the continent’s transition from exporting raw materials to producing and trading value-added products.
The bank said the refinery is expected to process crude sourced from African producers, including Uganda, while supplying refined petroleum products to Kenya and other markets within East Africa.
President and Chairman of the Board of Directors of Afreximbank, Dr George Elombi, said the significance of the investment goes beyond the construction of a refinery, describing it as evidence of Africa’s capacity to conceive, finance and develop major industrial assets that respond to the continent’s economic needs.
According to him, increasing refining capacity within Africa would enable the continent to retain greater value from its natural resources, create jobs and strengthen trade links among African economies.
Elombi also linked the importance of the project to recent disruptions to global energy and shipping routes, including instability around the Strait of Hormuz, the Red Sea and Bab el-Mandeb, which have exposed the vulnerability of African economies that depend heavily on distant supply chains for strategic commodities.
He said investments such as the Lamu refinery could shorten supply chains, conserve foreign exchange, strengthen regional energy security and improve economic resilience.
Afreximbank noted that the Lamu project is part of a wider expansion of Kenya’s industrial and trade infrastructure, in which the bank has become a long-term partner of the Kenyan government.
In 2023, the bank launched a $3 billion Country Programme for Kenya to support priority public and private-sector projects, including industrial development, export manufacturing, trade infrastructure, climate adaptation, irrigation and support for small and medium-sized enterprises.
The bank has also expanded its support for industrial development in Kenya, including financing initiatives linked to special economic zones and industrial parks.
Afreximbank further disclosed that its partnership with the Dangote Group has grown substantially, with the bank investing approximately $15 billion in the conglomerate since 2015.
The support has included major financing for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria.
Elombi commended Dangote Group for extending its industrial footprint into East Africa, saying the move demonstrates the role African enterprises can play in driving industrial development across national borders.
He said Africa’s economic transformation would increasingly depend on African businesses investing across the continent, African financial institutions supporting such investments and governments creating the conditions necessary for them to succeed.
The Lamu refinery forms part of an integrated industrial complex that is also expected to include a 1,000-megawatt power plant as well as fertiliser and chemical manufacturing facilities.
The Kenyan government said the project is expected to strengthen the country’s industrial base, create employment and stimulate economic activity along the LAPSSET Corridor.
The groundbreaking was attended by several African leaders and senior officials, including President William Ruto, Ugandan President Yoweri Museveni, Ethiopian Prime Minister Abiy Ahmed, Benin President Romuald Wadagni, Togo President Jean-Lucien Savi de Tové and former Nigerian President Olusegun Obasanjo.
Afreximbank said the project, alongside Kenya’s emerging industrial parks and special economic zones, could contribute to shifting Africa away from dependence on the export of unprocessed commodities and the importation of finished products towards greater production, processing and intra-African trade.
The bank also congratulated Aliko Dangote, President and Chief Executive of Dangote Industries Limited, and the Dangote Group for their continued investments in Africa’s industrial development.
