Aliko Dangote, Africa’s richest man, has identified Kenya as one of the top 10 African countries for investment, citing the numerous opportunities available across the continent. In addition to Kenya, other East African countries that Dangote considers promising investment destinations include Tanzania and Rwanda.
According to Dangote, the promising countries for investment in Africa include Nigeria, Ethiopia, Kenya, Tanzania, Rwanda, Egypt, and Algeria. He also mentioned Ghana and Côte d’Ivoire as countries that are doing extremely well. Dangote noted that Africa is open for business, with many investors now recognizing the potential of the continent.
In a related development, Dangote has selected Kenya’s Lamu County as the preferred location for a proposed oil refinery, which could significantly impact East Africa’s petroleum industry. The planned facility, valued at Sh2.2 trillion, will have the capacity to process 700,000 barrels of crude oil per day, making it the largest refinery in East Africa and the second largest on the continent.
The refinery project is currently in the preliminary stages, with site identification, design, engineering works, and soil testing underway on Lamu Island. Construction is expected to take approximately five years, with financing to come from a combination of internal resources, corporate bonds, and an initial public offering. The project is part of Dangote’s plan to expand his refining business into East Africa, modelled on his flagship refinery in Nigeria.
Article source: allafrica.com | Image credit: x.com
