Kenyan President William Ruto held talks with Aliko Dangote in New York over preparations for the proposed East Africa refinery in Lamu….reports Africa Daily News Desk
Kenyan President William Ruto held talks with Dangote Group CEO Aliko Dangote on the sidelines of the 81st United Nations General Assembly in New York, with preparations for the proposed East Africa refinery in Lamu among the key issues discussed.
Ruto said Kenya was ready to begin groundwork on the refinery, describing the project as a major step towards strengthening regional energy security, increasing local value addition and supporting job creation.
The Kenyan president said the project would also contribute to the country’s wider industrialisation agenda and create new economic opportunities across East Africa.
According to Ruto, the refinery could strengthen regional supply chains and help position East Africa as a competitive energy and industrial hub.
Samaila Zubairu, CEO of the Africa Finance Corporation, also attended the meeting. Discussions involving Zubairu focused on financing arrangements and final preparations for the start of the project.
The proposed refinery is part of Kenya’s efforts to expand its energy and industrial capacity while increasing the role of local and regional value addition.
The meeting also comes as Dangote’s business interests in the energy sector enter a new phase in Nigeria.
Dangote Petroleum Refinery is opening ownership of its facility to the public through an initial public offering, in what Dangote has described as a significant milestone for Nigeria’s industrial and capital market development.
Speaking at the IPO signing ceremony, Dangote said the offering followed more than a decade of work to develop the refinery. The project faced challenges involving financing, land acquisition, regulation and operations before reaching the public market.
He said the IPO reflected the Dangote Group’s broader commitment to investing in Africa and expanding the continent’s industrial capacity.
The refinery forms part of the group’s Vision 2030 strategy, which focuses on accelerating industrialisation across Africa. Dangote has also highlighted energy security as an important foundation for sustainable economic growth.
The Nigerian facility is expected to reduce the country’s reliance on imported petroleum products while supporting industrial activity and creating opportunities across related sectors.
The IPO is also intended to widen public participation in the refinery’s ownership. The minimum subscription has been set at 10 shares, allowing individual Nigerians and other investors to acquire a stake in the facility.
Dangote said the offering would provide workers, entrepreneurs and ordinary Nigerians with an opportunity to participate in the refinery’s future growth.
The developments in Kenya and Nigeria underline Dangote Group’s wider involvement in Africa’s energy and industrial sectors, as governments and businesses seek to strengthen domestic production, regional supply chains and energy security.
For Kenya, the proposed Lamu refinery is being presented as part of a broader effort to develop the country’s industrial base and strengthen its position within East Africa’s regional economy.
