The Digest:
Aliko Dangote has pledged to build an oil refinery in East Africa identical to his 650,000 barrels per day (bpd) Nigerian refinery, provided regional governments support the project. Speaking at the Africa We Build Summit in Nairobi, Dangote said work has already commenced to scale up the Nigerian plant to 1.4 million bpd, which will be the largest refinery in the world. Kenyan President William Ruto also announced plans for a joint regional refinery in Tanzania's port of Tanga.
Key Points:
- Dangote urged African countries to "build self-sufficiency" and end dependence on imports.
- The Nigerian refinery will account for about 10% of total US refining capacity.
- Dangote plans a Pan-African IPO, selling at least 10% of the refining business.
- The expansion is part of a $40 billion growth vision.
- Dangote is already expanding fertiliser production across multiple African countries.
