Mohammed Dewji, the Tanzanian billionaire and president of MeTL Group, says he is willing to invest $100 million in Aliko Dangote’s proposed oil refinery in Kenya as the Nigerian industrialist seeks to expand his refining business into East Africa.
According to a Bloomberg report on Friday, Dewji said he had
discussed the project with Dangote and would participate in the investment even
though he would have preferred the refinery to be built in Tanzania.
The development comes days after reports that Dangote Group
is planning to build a $17 billion refinery on Kenya’s coast, a project
expected to take about five years to complete if it proceeds.
Speaking on the planned investment, Dewji said the project
aligns with efforts to solve Africa’s industrialisation challenges by refining
the continent’s resources locally.
“I have spoken to Aliko, what he has done is unbelievable in
Nigeria, and I got to spend some time with him,” the billionaire said.
“What he’s trying to do in East Africa is also fantastic
and, as a matter of fact, I will also reach out to him that putting a refinery
in East Africa, I will co-invest with him.
“These are the vision of solving African problems. We cannot
be dependent on imports. We need to use resources and value-add and refine and
manufacture to be sovereigns.”
Dewji said while he would have preferred Tanzania as the
location for the refinery, he remains willing to invest if the project is
eventually sited in Kenya.
The proposed refinery would mark Dangote Group’s first major
refining investment outside Nigeria.
The conglomerate already operates the 650,000
barrels-per-day Dangote Petroleum Refinery in Lagos, the largest single-train
refinery in Africa, which began commercial production in 2024.
If completed, the Kenyan refinery is expected to strengthen
fuel supply in East Africa, reduce dependence on imported refined petroleum
products and deepen regional energy integration.
In April, Aliko Dangote, chairman of Dangote Group, vowed to
replicate his Nigerian refinery in East Africa with support from governments in
the region.
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