Fresh momentum has emerged around Aliko Dangote’s planned refinery project in East Africa after Tanzanian billionaire Mohammed “Mo” Dewji announced his intention to invest $100 million in the venture.
The move has strengthened confidence in the Dangote Kenya refinery, even before construction begins.
Dewji’s announcement comes as investors continue to show growing interest in Dangote’s ambitious expansion beyond Nigeria. Moreover, the proposed refinery is expected to reshape the region’s energy sector if completed as planned.
The investment pledge also signals increasing confidence in East Africa’s growing fuel market. Furthermore, it highlights the strong business relationship developing between two of Africa’s most influential entrepreneurs.
Speaking during an interview with Bloomberg on Thursday, Dewji praised Dangote’s achievements in Nigeria and expressed his readiness to become part of the new project.
“I have spoken to Aliko; what he is doing in Nigeria is unbelievable, and as a matter of fact, I will also reach out to him, that if he’s putting a refinery in East Africa, I will co-invest,” the Tanzanian billionaire stated.
Although reports have linked the planned refinery to Kenya, Dewji admitted he would personally prefer Tanzania as the location.
“I would lean more toward Tanzania than in Kenya,” Dewji said.
However, he also made it clear that his willingness to invest would remain unchanged if Dangote eventually selected Kenya.
Meanwhile, officials connected with the project disclosed that interest from investors has continued to increase since details of the refinery became public.
According to one Dangote executive:
“So many potential investors have been approaching us.”
The project is also expected to receive support from the Kenyan government. Kenyan President William Ruto has reportedly expressed optimism that construction could begin before the end of the year.
Furthermore, Dewji’s interest reflects his growing commitment to expanding investments across East Africa. His company, MeTL Group, is already increasing its presence in the region through major manufacturing projects.
Earlier this year, the company announced the construction of a $50 million beverage factory in Mombasa. The plant will produce Mo Cola, Mo Xtra, and Mo Malto for the regional market.
However, few days ago, Dangote also revealed how the refinery would be financed. According to the businessman, funding will come from internally generated revenue, bond issuances, and proceeds expected from the planned initial public offering of the Dangote Petroleum Refinery.
The proposed IPO has already generated strong interest among investors. However, Nigeria’s Securities and Exchange Commission recently clarified that it has not received or approved any application relating to the public offering.
Meanwhile, the Dangote Kenya refinery continues to attract attention because of its potential to improve fuel supply across East Africa.
In addition, the project could reduce dependence on imported refined petroleum products while creating new investment opportunities.
Although the final location has not been officially confirmed, investor confidence continues to grow. Therefore, many industry observers believe the refinery could become one of Africa’s biggest private energy investments outside Nigeria.
