Amanze Chinonye
Kenyan President William Ruto met Nigerian industrialist Aliko Dangote and Africa Finance Corporation (AFC) President Samaila Zubairu in New York on Monday, September 21, 2026 to discuss financing and preparations for a proposed oil refinery in Kenya’s coastal Lamu region, Prime Business Africa reports.
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The meeting took place on the sidelines of the 81st United Nations General Assembly as Kenya moves to advance the project ahead of a planned groundbreaking ceremony on Sept. 30.
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The proposed East Africa Refinery is expected to have a processing capacity of 700,000 barrels of crude oil per day. Kenyan officials have estimated the project cost at about 2.2 trillion shillings ($17 billion), while more recent reports citing Dangote Industries have put the figure at about 2 trillion shillings.
Dangote has said the project would be financed through a combination of debt and shareholder funds. Under the financing structure announced earlier this month, about 70% of the project cost would be raised through debt, with the remaining 30% provided by shareholders, including Dangote.
The refinery is intended to supply petroleum products to Kenya and neighbouring markets, including Uganda, Tanzania, South Sudan and the Democratic Republic of Congo. Kenyan authorities see the project as a way to expand domestic refining capacity and reduce the region’s reliance on imported refined fuel.
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Construction is expected to take about three years once work begins.
Crude supply remains a key challenge because Kenya does not currently have commercial-scale refining feedstock production. The country has been developing its Turkana oil resources, but the proposed refinery’s long-term crude requirements will need to be secured as the project progresses.
Ruto’s meeting with Dangote was part of a wider investment-focused programme during his visit to New York. The Kenyan president is co-chairing business roundtables organised by the AFC and the Global Africa Business Initiative covering sectors including energy, infrastructure, manufacturing, agriculture, health and technology.
The 81st General Assembly opened on Sept. 8, while the high-level general debate is scheduled to run from Sept. 22 to Sept. 26 and on Sept. 28.
Amanze Chinonye is a Staff Correspondent at Prime Business Africa, a rising star in the literary world, weaving captivating stories that transport readers to the vibrant landscapes of Nigeria and the rest of Africa. With a unique voice that blends with the newspaper's tradition and style, Chinonye's writing is a masterful exploration of the human condition, delving into themes of identity, culture, and social justice. Through her words, Chinonye paints vivid portraits of everyday African life, from the bustling markets of Nigeria's Lagos to the quiet villages of South Africa's countryside . With a keen eye for detail and a deep understanding of the complexities of Nigerian society, Chinonye's writing is both a testament to the country's rich cultural heritage and a powerful call to action for a brighter future. As a writer, Chinonye is a true storyteller, using her dexterity to educate, inspire, and uplift readers around the world.
