Mohammed Dewji, Tanzania’s richest businessman, has announced plans to invest $100 million in Nigerian billionaire Aliko Dangote’s proposed oil refinery in Kenya, signalling growing African investor confidence in what is expected to become one of East Africa’s largest industrial projects.
The investment would make Dewji one of the first major private African investors to publicly express interest in the refinery, which Dangote Industries Limited, Nigeria’s largest industrial conglomerate, plans to develop as part of its continental expansion strategy. Speaking about the project, Dewji said he would have preferred to invest in Tanzania but is prepared to support the Kenyan venture because of its regional significance. He added that he intends to engage Dangote directly to discuss participating in the project.
The proposed refinery is expected to process 700,000 barrels of crude oil per day, matching the capacity of Dangote’s flagship refinery in Nigeria. Estimated to cost between $15 billion and $17 billion, the facility would rank among the largest industrial investments ever undertaken in East Africa. Dangote Industries has identified Kenya as the preferred location for the refinery after shelving earlier plans to establish the project in Tanzania.
According to the company, Kenya’s stronger port infrastructure, larger domestic fuel market, favourable maritime logistics and strategic position as East Africa’s commercial gateway made it the preferred destination. The refinery is expected to be built in either Mombasa or Lamu, although the final location has yet to be confirmed. Once operational, the refinery is expected to supply petroleum products to Kenya, Uganda, Tanzania, South Sudan and other regional markets, significantly reducing East Africa’s dependence on imported refined fuel.
The project has already attracted considerable investor interest. Dangote Industries has indicated that financing will come through a combination of internal funding, local institutional investors, bond issuances and a future initial public offering, reflecting confidence in the commercial viability of the project. Dewji’s interest adds another dimension to the investment.
As President and Chief Executive Officer of MeTL Group, one of East Africa’s largest privately owned conglomerates, he has built businesses spanning manufacturing, agriculture, logistics, textiles, edible oils, beverages and financial services. His willingness to invest in a refinery outside Tanzania reflects a broader recognition among African business leaders that large regional infrastructure projects can generate benefits beyond national borders.
The proposed refinery also aligns with Africa’s wider push to retain more value from its natural resources. Despite producing crude oil, much of sub-Saharan Africa still relies heavily on imported refined petroleum products, exposing economies to global price volatility, supply disruptions and high transportation costs. Expanding domestic refining capacity has therefore become a strategic priority for several African governments seeking greater energy security and industrial development.
If completed, the Kenyan refinery would complement Dangote’s landmark refinery in Nigeria, creating two of Africa’s largest refining hubs on opposite sides of the continent. Together, they would significantly strengthen Africa’s capacity to process its own crude oil while reducing dependence on imported fuels.
Dewji’s planned investment is also noteworthy because it reflects a growing shift in how Africa’s largest private-sector players are approaching the continent’s development. Rather than concentrating investment within national borders, some of Africa’s wealthiest entrepreneurs are increasingly backing regional projects capable of strengthening trade, energy security and industrial integration across multiple countries. In that sense, the proposed investment is more than a financial commitment. It reflects a broader vision of African capital helping to finance Africa’s next generation of strategic infrastructure.