Aliko Dangote’s heart of gold

Africa's wealthiest individual, Aliko Dangote, has identified Kenya as one of several promising investment destinations across the continent, alongside Tanzania, Rwanda, Nigeria, Ethiopia, Egypt, Ghana, Côte d’Ivoire, and Guinea. Speaking from Nairobi, Dangote highlighted the wealth of opportunities available in Africa, noting that countries like Rwanda are particularly promising despite their small size.

The continent's growing openness to business investment has attracted significant interest, with projects in countries like Guinea, where Rio Tinto recently opened a $20 billion mine.

Dangote's interest in Kenya has been evident, with the East African nation selected as the ideal location for a proposed Sh2.2 trillion oil refinery. This refinery, with a capacity to process 700,000 barrels of crude oil per day, would be the largest in East Africa and the second largest on the continent, following Dangote's refinery in Lagos, Nigeria.

The project, set to be constructed on Lamu Island, has already identified a site with preliminary design and engineering works underway. The construction is anticipated to take approximately five years, financed through a combination of internal resources, corporate bonds, and funds from an upcoming initial public offering.

These developments in Kenya reflect the growing confidence in Africa's potential for investment, with Dangote's involvement signaling the continent's increasing appeal to international business leaders.