African heads of state break ground for $16B oil refinery project
NAIROBI, Kenya (AP) — Five African heads of state inaugurated a $16-billion oil refinery project in East Africa on Wednesday, aiming to increase the continent's self-sufficiency in turning raw materials into finished products. The groundbreaking ceremony took place in Kenya, following calls for the continent to enhance its processing capabilities.
Kenya's President William Ruto welcomed his counterparts from Uganda, Ethiopia, Togo, Benin, and Nigeria's former President Olusegun Obasanjo, marking the commencement of construction at the site in Lamu. The project, set to be completed in 40 months, will be overseen by Nigerian billionaire Aliko Dangote, who emphasized the need for Africa to industrialize itself.
Dangote argued that Africa cannot continue exporting resources while importing essential goods. The refinery, located in Lamu, will process 700,000 barrels of oil daily, relying on oil sourced from neighboring countries like Uganda and South Sudan. Dangote stressed that East African countries possess a sufficient market for the refined oil, with regional consumption surpassing the 700,000 barrels per day the facility will produce.
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