Tanzania’s Richest Man Offers $100m for Dangote’s East African Refinery Project
By Aboki Forex —
Tanzania’s wealthiest businessman, Mohammed Dewji, has offered to invest $100 million in Aliko Dangote’s proposed $17 billion East African refinery. Dewji said he prefers the refinery to be built in Tanzania but is also willing to back the project if it goes to Kenya.
The pledge signals strong investor confidence in what is expected to become Africa’s second-largest refinery. Dangote, Africa’s richest businessman, announced plans for the new mega refinery after the successful launch of his 700,000-barrels-per-day Dangote Petroleum Refinery in Lagos, Nigeria.
Dewji’s Investment Offer and Location Preference
According to a Bloomberg report released on Friday, July 10, 2026, Dewji said he has not yet discussed the investment directly with Dangote but intends to initiate talks soon. He explained that Tanzania remains his preferred location because of its strategic importance to his home country.
“I would lean more toward Tanzania than Kenya,” Dewji said. However, he stressed that his interest in investing does not depend on the final location. “I will definitely reach out to him, and we can chat about it,” he added.
Dangote had earlier disclosed that while Tanzania was initially considered, Kenya’s coastal town of Lamu emerged as the preferred site due to more favourable commercial and technical conditions.
Investor Interest and Project Scope
The planned refinery has continued to attract attention from regional and international investors even before construction begins. A senior executive at Dangote Industries confirmed that numerous investors have already expressed interest.
“So many potential investors have been approaching us,” the company official said, underscoring strong appetite for the project despite it still being in the planning phase.
The facility is expected to cost approximately $17 billion. Once completed, it will become the second-largest refinery in Africa, behind Dangote’s Lagos refinery, which has significantly reshaped Nigeria’s downstream petroleum sector since commencing operations.
Kenyan President William Ruto has previously expressed optimism that construction could begin this year, reinforcing Kenya’s ambition to become a regional energy hub. Dangote has maintained that Lamu currently provides the best commercial and technical advantages for the investment.
What This Means for the Naira and Nigerian Businesses
The proposed refinery is part of Dangote Industries’ long-term expansion strategy to increase refining capacity across Africa, improve regional energy security, and reduce the continent’s dependence on imported refined petroleum products. For Nigerian businesses, Dangote’s expansion into East Africa could open new markets for Nigerian service providers and create demand for locally sourced materials. It also reinforces the growing influence of Nigerian capital in shaping Africa’s energy landscape, which could strengthen the naira’s position in regional trade settlements over time.