Nigeria’s Dangote Group has offered East African countries a 30% stake in a new oil refinery planned in northern Kenya, Bloomberg reported.
Ethiopia and Rwanda have already expressed an interest in investing in the facility in Lamu, according to Kenyan President William Ruto’s top economic advisor. The prospective 700,000 barrels-a-day oil site will cost the Dangote Group more than $15 billion to build.
An initial public offering of the group’s plant in Lagos is partly geared towards raising money for the project, but up to $1.5 billion could also be raised by the sale of stakes to interested governments in East Africa, Bloomberg said. The Lamu project is part of a broader expansion by Africa’s richest man, Aliko Dangote, who is targeting $100 billion in annual group revenues by 2030, from just under $20 billion today.