Afreximbank has congratulated the Kenyan government and the Dangote Group on starting the construction of a new oil refinery in Lamu, Kenya. This refinery is a significant investment, costing around $16 billion, and is expected to process 700,000 barrels of crude oil each day, creating about 60,000 jobs. The refinery aims to improve Africa's ability to refine its own oil, which can help reduce reliance on imported refined products and enhance energy security. It will source crude oil from African countries, including Uganda, and supply refined products to Kenya and other parts of East Africa. This development is part of a broader effort to strengthen Kenya's industrial capabilities and trade infrastructure. Afreximbank has previously launched a $3 billion program to support various projects in Kenya, including industrial parks and initiatives for small businesses. Dr. George Elombi from Afreximbank emphasized that this refinery represents Africa's potential to build its own industrial assets, retain more value from natural resources, and create jobs. The project is seen as a critical step towards reducing Africa's dependence on external supply chains and boosting economic resilience. Overall, the Lamu refinery is a key part of Africa's strategy to produce and trade more goods within the continent, moving away from just exporting raw materials.
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