The African Export-Import Bank (Afreximbank) has congratulated Kenyan President William Ruto on the groundbreaking of Dangote Group's planned $16 billion petroleum refinery in Lamu, Kenya. The bank has invested approximately $15 billion in Dangote Group since 2015 and views the project as a significant step towards expanding Africa's refining capacity. The Dangote East Africa Petroleum Refinery and Petrochemicals Special Economic Zone will process 700,000 barrels of crude oil per day and create around 60,000 jobs.
The Lamu refinery project is expected to process crude sourced from African producers, including Uganda, and supply refined petroleum products to Kenya and the wider East African market. By investing in the project, Afreximbank aims to retain more value within African economies, deepen industrial supply chains, generate employment, and reduce exposure to imported refined petroleum products. The bank's president, George Elombi, emphasized that the investment demonstrates Africa's capacity to finance and develop major industrial assets.
The investment in the Lamu refinery builds on Afreximbank's existing financial relationship with Dangote Group, which includes substantial support for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria. In 2025, Afreximbank signed a $1.35 billion financing facility as part of a $4 billion syndicated financing for Dangote Industries Limited. The bank subsequently underwrote $2.5 billion of a $4 billion senior syndicated term loan for the refinery.
Afreximbank's support for Dangote Group's projects is part of its strategy to develop an African market for petroleum products refined within the continent. In 2025, the bank established a $3 billion Revolving Intra-African Oil Import Financing Programme to facilitate intra-African petroleum imports and enable African buyers to source refined products from African refineries. Elombi highlighted the growing importance of African businesses investing across national borders to build the continent's productive capacity.
The Kenya refinery project comes amid concerns about Africa's vulnerability to disruptions in global energy and shipping routes. Recent disruptions have demonstrated the economic risks associated with dependence on distant supply chains for strategic commodities, making the expansion of African refining capacity crucial for energy security and economic resilience. Afreximbank is also expanding its financing activities in Kenya through a $3 billion Country Programme launched in 2023.
The $3 billion Country Programme covers industrial development, export manufacturing, climate adaptation, irrigation, trade infrastructure, small and medium-sized enterprises, and initiatives aimed at connecting Kenyan businesses to regional and continental markets. The programme includes an $800 million Kenya Climate Change Adaptation Facility to support irrigation development and agricultural productivity. Afreximbank is also supporting the development of industrial parks in partnership with the Kenyan government and ARISE Integrated Industrial Platforms.
Afreximbank's investments in Kenya, including the Lamu refinery and industrial parks, are expected to support the objectives of the African Continental Free Trade Area by encouraging African economies to produce, process, and trade more within the continent. The bank's investments are also expected to create jobs and stimulate economic growth.
Key points
- Afreximbank has invested $15 billion in Dangote Group since 2015.
- The Lamu refinery project will process 700,000 barrels of crude oil per day and create around 60,000 jobs.
- Afreximbank has launched a $3 billion Country Programme to support priority public and private-sector projects in Kenya.
