NGX chairman urges East African investors to back Dangote’s expansion
The Chairman of Nigerian Exchange Group (NGX Group), Umaru Kwairanga, has urged East African institutional investors to provide capital to support Dangote Group’s expanding industrial footprint across the continent, including its planned refinery in Kenya. The post NGX chairman urges East African investors to back Dangote’s expansion appeared first on Nairametrics .
Chairman of the Nigerian Exchange Group, Umaru Kwairanga, has called on East African institutional investors to provide capital support for Dangote Group's expanding industrial footprint in Africa, including a planned refinery in Kenya. During an investor engagement at the Nairobi Securities Exchange on Tuesday, September 29, 2026, Kwairanga emphasized Kenya's significant institutional investor community, highlighting opportunities for cross-border investment, market infrastructure collaboration, knowledge exchange, and partnerships.
The proposed refinery in Lamu, estimated at $15 billion to $17 billion, aims to process 700,000 barrels of crude oil daily and serve Kenya and other East African markets. Despite a land dispute delaying construction, Dangote Group remains confident in the project's timeline for completion around 2030. The refinery expansion is part of Dangote's broader Africa strategy, with plans for significant investments in refining, fertiliser, and related infrastructure, potentially reducing the region's reliance on imported refined fuel.
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