Nigerian Billionaire Dangote Targets Africa to be Fuel-Sufficient by 2030

Lamu,Kenya-The ground-breaking ceremony of  the $16 billion Kenyan oil refinery courtesy of Dangote Investments was held today.

 Nigerian business tycon Aliko Dangote has set an ambitous target of Africa being fuel self-sufficient by 2030.

He was speaking at the  ground-breaking ceremony of his company's $16 billion Kenyan oil refinery held today.

"By 2030, the majority of African countries will be self-sufficient. It does not matter where it is refined, but it should be in the African continent, on the soil of Africa,”he asserted.

The Nigerian billionaire also expressed concern of the continued export of crude oil by African countries.

“So if we don't refine much, why should we remain as a continent supplying what people need, unprocessed?"he questioned.

The refinery has a planned capacity of 700,000 barrels per day.

Aliko Dangote was flanked by Kenyan President William Ruto, ​Ethiopia's Prime Minister Abiy Ahmed, Uganda's President Yoweri Museveni, Benin's President Romuald Wadagni and Togo's President Jean-Lucien Savi de Tové at  the ground-breaking  ceremony at the port of Lamu.

Kenyan President Ruto said the refinery, whose shares will eventually be listed on the Nairobi bourse, is the largest-ever foreign direct investment for ​Kenya, and it will boost the country's annual gross domestic product by 12%.