Kenya backs Dangote’s Lamu refinery, opens share route for Nigerians
Kenya’s government said it will invest in the proposed KSh2.2 trillion ($16 billion) Lamu oil refinery through the National Infrastructure Fund, President William Ruto announced at the groundbreaking ceremony on Wednesday, September 30, 2026. Aliko Dangote’s plan lets Kenyans buy shares in the refinery via the Nairobi Securities Exchange. The facility aims to process 700,000 barrels of crude oil daily, generate 1,000 megawatts of electricity and produce one million tonnes of polypropylene plus base-oil.
For Nigerians, the move highlights Dangote’s growing regional influence beyond Nigeria’s borders and could open new investment channels in East Africa’s energy sector. The refinery is expected to cut Kenya’s annual petroleum import bill of KSh530 billion ($4.08 billion), potentially reshaping fuel supply and prices across the region. Tanzanian billionaire Mohammed Dewji has also signaled interest in a $100 million stake, showing broader private‑sector appeal.
What should you know or do? If you want to invest, check whether foreign investors can buy NSE-listed shares and use a licensed brokerage; the listing date hasn’t been set yet. Beyond shares, the planned Lamu industrial complex will need logistics, engineering, manufacturing and service providers—opportunities for Nigerian firms looking to expand eastward. Watch how this project affects regional energy security and whether it spurs similar refinery talks in Nigeria. Will you explore buying shares in the refinery once listed, or look to partner in the Lamu industrial complex’s logistics and services?