President William Ruto has revealed ongoing discussions with Nigerian billionaire Aliko Dangote on the possibility of establishing a regional oil refinery to serve East Africa.
Speaking during the Africa We Build Summit 2026 in Nairobi on April 23, Ruto said the proposed project, currently under consideration with Tanzania, would process crude oil from Kenya, the Democratic Republic of Congo, and Uganda.
“Aliko is telling us that the private sector and the government can discuss a refinery in Tanzania, a joint refinery to benefit all of us. The oil will take on board the oil from Kenya, DRC, and even Uganda. We just need to construct a pipeline from Tanga to Mombasa, and the finished product will come by the already built pipeline we have in Uganda,” Ruto said.
Speaking at the Summit, the President noted that the plan would open the door to the construction of a pipeline linking Tanga to Mombasa and to leveraging existing infrastructure in Uganda to transport refined petroleum products.
Ruto said countries should avoid pursuing individual gains and instead collaborate in shaping policies that benefit the East African market.
Ruto on Regional Growth in Africa
The President said regional economic growth can only be achieved when countries move beyond “petty jealousy” and support cross-border investment and infrastructure development.
Ruto lauded his cooperation with Ugandan President Yoweri Museveni, giving the example of discussions on pipeline and industrial projects as examples of mutual economic benefit.
He explained that although Uganda opted to pursue its own policy direction on iron ore development, Kenya remained open to investors engaging in related value-chain investments within the region.
Also Read: Ruto Heaps Praise on Nigerian Billionaire Aliko Dangote
Ruto has lauded Dangote for what he described as a transformative role in addressing Nigeria’s long-standing fuel shortages, saying it demonstrates Africa’s capacity to develop homegrown solutions.
He noted that despite Nigeria being an oil-producing country, citizens previously experienced prolonged fuel shortages, with long queues at petrol stations for years before the refinery project was implemented.
Ruto said the intervention showed that the solution to Nigeria’s fuel challenges did not come from outside the continent but was driven internally through the establishment of the Dangote Refinery.
Also Read: NSE Eyes Role in Dangote’s $22B IPO Plan and Fuel Price Games
Dangote Plans Up to $5 Billion IPO for Refinery in Africa
The announcement on the oil refinery in Tanzania comes after the Nairobi Securities Exchange (NSE) Chief Executive Officer Frank Mwiti said on April 12 that discussions had been held on how the NSE and other African exchanges could support what may become Africa’s largest initial public offering (IPO).
Dangote’s IPO is aimed at expanding Aliko Dangote’s refinery business and is estimated at about $22 billion.
The planned offering is expected to float between 5% and 10% of the refinery’s equity. Analysts estimate the refinery’s valuation at between US$40 billion (KSh 5.18 trillion) and US$50 billion (KSh 6.47 trillion).
The share sale targets up to US$5 billion (KSh 647.40 billion), making it the largest IPO ever conducted on an African stock exchange.
