Afreximbank’s $15bn Dangote exposure deepens with Kenya refinery project
Afreximbank has invested roughly $15 billion in Dangote Group since 2015.
In Brief
- •Afreximbank has invested roughly $15 billion in Dangote Group since 2015.
- •Dangote Group’s new $16 billion refinery in Lamu County, Kenya, broke ground on 30 September 2026 and will process 700,000 barrels of crude per day.
- •The project is expected to create about 60,000 jobs and source crude from African producers such as Uganda, supplying refined products to Kenya and the wider East African market.
Why It Matters
The refinery marks a significant step toward expanding Africa’s refining capacity, reducing reliance on imported petroleum and retaining more value within the continent’s economies. By creating tens of thousands of jobs and strengthening regional supply chains, the project could boost economic growth and energy security across East Africa.
Key Details
- Total Investment in Dangote Group
- $15 billion
- Refinery Cost
- $16 billion
- Project Start Date
- 30 September 2026
- Daily Processing Capacity
- 700,000 barrels/day
- Projected Jobs
- 60,000
- 2025 Financing Facility
- $1.35 billion
Context & Background
Afreximbank has been a key financier of Dangote’s refinery projects, including a $4 billion syndicated loan for the Nigerian complex and a $3 billion revolving intra‑African oil import financing programme launched in 2025.
Original Reporting & Sources
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