Africa’s richest man, Aliko Dangote, says construction of a new 700,000‑barrel‑per‑day oil refinery in Kenya is expected to begin by October 2026, describing the project as a major step toward helping African countries achieve energy self‑sufficiency.

In an exclusive interview with the BBC’s Nancy Kacungira, Dangote said preparations for the project were at an advanced stage and that the facility would serve much of East Africa, extending as far as Egypt.

“Latest, by October, we’ll be doing groundbreaking. Once we break ground, we’ll start construction very soon,” he said.

The refinery’s cost has been revised to $15.5–16 billion, down from the initial estimate of $17 billion, with Dangote attributing the reduction to lessons learned from building his Lagos refinery and a shorter construction period.

"I think, we thought it was going to cost $17 billion, but it's going to cost much less than that. We're looking at about 15 and a half, $16 billion," he said.

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The project is expected to be completed in less than four years, financed through a mix of 30% equity and 70% debt.

Dangote said the refinery would have a “massive impact” on East Africa’s energy security by ensuring reliable access to refined petroleum products.

He urged African leaders to move beyond talk of “potential” and deliver tangible results, stressing that Africa’s development must be driven by Africans themselves.

He also called for the full implementation of the African Continental Free Trade Area (AfCFTA), alongside greater investment in production and job creation, warning that prosperity cannot be achieved without building productive economies to support Africa’s youthful population.