Dangote Refinery has announced securing $2.5 billion in private investment to support its expansion plans, including a new refinery in East Africa. The investment, described as possibly the largest publicly disclosed private funding in Africa, brings new capital into the 650,000 barrels-per-day refinery launched two years ago, which was previously owned mainly by Nigeria’s NNPCL with a 7.2 percent stake.
Dangote plans to more than double its refining capacity in Nigeria to 1.4 million barrels per day, surpassing India’s Jamnagar Refinery to become the world’s largest.
Additionally, the company aims to build a 700,000-bpd refinery in Lamu, Kenya. The funds are intended to reduce Africa’s dependence on imported refined fuel and boost the continent’s energy security, addressing the region’s reliance on imported goods valued at over $230 billion annually.
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