Ruto Meets Dangote in New York Over Financing, Final Preparations for Sh2.2tn Lamu Refinery

NEW YORK, US Sep 21 – President William Ruto has met Nigerian billionaire Aliko Dangote in New York to discuss financing and final preparations for the proposed East Africa Refinery in Lamu.

The meeting, held on the sidelines of the 81st United Nations General Assembly, also brought together Africa Finance Corporation (AFC) President and CEO Samaila Zubairu as Kenya seeks to advance the multibillion-shilling project.

The proposed refinery, estimated at Sh2.2 trillion, is planned for Lamu and is expected to serve markets across East and Central Africa.

The discussions focused on financing arrangements and preparations ahead of the planned groundbreaking ceremony on September 30, 2026.

The meeting forms part of Ruto’s economic engagements in New York, where he is seeking investment partnerships in energy, infrastructure, manufacturing, agriculture, health and technology.

State House had indicated that the President would co-chair investment roundtables hosted by AFC and the Global Africa Business Initiative (GABI), alongside Dangote, with the Lamu refinery among the major projects on the agenda.

Dangote Industries selected Lamu as the location for its proposed East African refinery in July, ending speculation that the facility could be built in Tanzania or elsewhere in the region.

The refinery is planned to have a processing capacity of 700,000 barrels per day, which would make it the largest refinery in East Africa if completed as planned.

The New York discussions come as financing remains one of the critical issues surrounding the project.

Reuters reported earlier this month that Dangote is seeking financing for major energy investments, while the Lamu refinery is expected to require about $15 billion to $16 billion in investment. Potential financing arrangements could include Dangote’s internal funds, bonds, an initial public offering and equity participation from East African countries.

The project is also expected to rely on crude supplies from the wider region, although questions remain over the availability and transportation of crude oil to Lamu. Potential sources include Kenya, Uganda and South Sudan, among others.

Ruto has previously said the refinery will serve Kenya and other countries in the region, including Uganda, Tanzania, Rwanda, Burundi, South Sudan, Ethiopia and the Democratic Republic of Congo.

The President has also said the project could create about 60,000 jobs for young people, while positioning Kenya as a regional energy hub.

The refinery is expected to strengthen the strategic importance of the Lamu Port-South Sudan-Ethiopia Transport (LAPSSET) corridor, with the facility planned as a major anchor investment around Lamu Port.

Construction is expected to take about 30 months once work begins, according to a senior Dangote Industries official.

The New York meeting therefore comes days before the scheduled groundbreaking as Kenya, Dangote Industries and potential financiers work to move the project into its implementation phase.