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Kenyan President William Ruto has described the Dangote Petroleum Refinery and Petrochemicals FZE as a major achievement that demonstrates what African governments, investors and financial institutions can accomplish together.
Ruto made the remarks on Friday after touring the refinery in the Lekki area of Lagos State.
In a post on his official X account, the Kenyan president described the facility as a massive investment and highlighted its refining capacity and infrastructure.
“The refinery in Nigeria is a massive investment with a crude oil refining capacity of 700,000 barrels a day and produces more than 100 million litres of petrol, diesel and aviation fuel every day,” Ruto said.
“The company has built 120km of sea cables to move crude from ships to the refinery. This huge achievement is a testament of what African governments, investors and financial institutions can do together.”
Ruto also discussed Kenya’s planned refinery project, saying it would be launched in the country the following week.
He said the facility would transform Kenya’s petroleum sector and contribute to regional fuel security and industrialisation.
“It will transform the petroleum sector in our country and region, providing fuel reliability and security, scaling up industrialisation and creating 60,000 jobs,” he said.
“When the refinery is completed, spin-off industries will emerge, including the production of fertilisers, chemicals, and packaging,” he added.
Located in the Lekki Free Trade Zone, the Dangote refinery was inaugurated in May 2023 after nearly a decade of construction, with investment in the project estimated at about $20 billion.
The facility has a stated refining capacity of 650,000 barrels of crude oil per day and has been described as the world’s largest single-train refinery.
In September, Dangote Refinery opened its Initial Public Offering for subscription, offering 4.1 billion ordinary shares at N525 each as part of efforts to raise about N2.2 trillion from investors.
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The minimum subscription was fixed at 10 ordinary shares, equivalent to N5,250.
The IPO is part of Dangote Industries Limited’s efforts to broaden ownership of the refinery by allowing members of the public to acquire shares in the company.
Ruto’s visit comes as Nigeria’s largest refinery continues to expand its role in the domestic and regional petroleum market, while Kenya advances plans for its own refinery project.
