The African Export-Import Bank (Afreximbank) has congratulated the Government and people of Kenya on the groundbreaking of the Dangote oil refinery in Lamu. The 16bn US dollar project is expected to process up to 700,000 barrels of crude oil per day, creating about 60,000 jobs and supplying refined petroleum products to Kenya and other markets in the region.
The project is also expected to process crude oil sourced from African producers, including Uganda, creating opportunities to retain more value from the continent’s natural resources and strengthen regional trade. Afreximbank President and Chairman of the Board of Directors, Dr George Elombi, said the investment demonstrates Africa’s capacity to develop and finance large-scale industrial projects to meet the continent’s economic needs.
Dr Elombi added that increasing refining capacity within Africa would help create jobs, strengthen industrial supply chains and deepen trade links among African economies. He said recent disruptions to global energy and shipping routes had highlighted the risks associated with dependence on distant supply chains for strategic commodities.
Afreximbank has maintained a longstanding partnership with the Dangote Group focused on industrialisation, value addition and expanding Africa’s productive capacity. Since 2015, the bank has invested approximately 15bn US dollars in the Dangote Group, including financing for the Dangote Petroleum Refinery and Petrochemicals Complex in Nigeria.
In 2025, Afreximbank signed a 1.35bn US dollars financing facility as part of an approximately 4bn US dollars syndicated financing package for Dangote Industries Limited. The bank underwrote 2.5bn US dollars of a 4bn US dollars senior syndicated term loan for the refinery, representing the largest participation in the financing syndicate.
Afreximbank said its support for refinery projects forms part of a broader effort to develop an African market for petroleum products refined on the continent. In 2025, Afreximbank established a 3bn US dollars Revolving Intra-African Oil Import Financing Programme designed to facilitate between 10bn US dollars and 14bn US dollars in intra-African petroleum imports.
Dr Elombi said African companies such as Dangote Industries demonstrate the potential of large-scale African investment to convert natural resources into productive capacity, including refineries, factories, supply chains, jobs and products for regional markets. The development of competitive African companies and regional value chains would be important to the implementation of the African Continental Free Trade Area.
Key points
- The Dangote oil refinery is expected to process up to 700,000 barrels of crude oil per day and create about 60,000 jobs.
- Afreximbank has invested approximately 15bn US dollars in the Dangote Group since 2015.
- The bank established a 3bn US dollars Revolving Intra-African Oil Import Financing Programme to facilitate intra-African petroleum imports.
