Kenya’s President William Ruto has characterised the Dangote Petroleum Refinery and Petrochemicals FZE as a significant success that demonstrates what African governments, investors and financial institutions can do together.
Ruto said this after inspecting the refinery in Lekki, Lagos State Wednesday, Channels TV reports.
“The refinery in Nigeria is a massive investment with a capacity of 700,000 barrels a day of crude oil refining and produces over 100 million litres of petrol, diesel and aviation fuel every day,” he said on his official X handle.
The business has laid 120km of sea cables to transport crude from ships to the refinery. This significant achievement speaks volumes about what African governments, investors and financial institutions can do together.
However, Ruto said the building of the refinery, which would be inaugurated in Kenya next week, would be bigger and produce 60,000 employment.
“It will revolutionise the petroleum sector in our country and region, providing fuel reliability and security, enhancing industrialisation and creating 60,000 jobs.
“Once the refinery is completed, spin off industries will come up including production of fertilisers, chemicals and packaging,” he added.
The refinery, located in the Lekki Free Trade Zone, was inaugurated in May 2023, after over a decade of construction and a $20 billion investment.
The plant became the world’s largest single-train refinery and Africa’s biggest refining complex when it reached its maximum processing capacity of 650,000 barrels of crude oil a day in February 2026.
The refinery, which in early September issued for subscription a total of 4.1 billion ordinary shares at 525 per share, is looking to raise around 2.2tn from investors.
It pegged the minimum subscription for its Initial Public Offering (IPO) at 10 ordinary shares at N5,250.
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