Africa's richest man, Aliko Dangote, plans to build a new mega-refinery in Kenya, with an estimated cost of up to $17 billion. This facility, envisioned as a replica of his existing Nigerian plant, would have a capacity of 700,000 barrels per day and is projected to take five years to complete. The chosen site is Lamu, a coastal town in southeastern Kenya, selected for unspecified "commercial and technical" reasons.

This ambitious project underscores a broader trend across Africa, where nations are seeking to reduce their reliance on imported refined fuels. Africa's refining capacity has declined significantly over the past two decades, even as the continent produces substantial crude oil. Dangote's existing $20 billion Nigerian refinery has already helped Nigeria achieve fuel self-sufficiency.

Other African nations are also pursuing similar refining initiatives. Nigerian tycoon Benedict Peters is exploring a 200,000 barrel-a-day facility in Mozambique, and Uganda plans its own 60,000 barrel-per-day plant. These developments could reshape regional energy markets, shifting the balance from crude exports to domestic refining and potentially reducing the continent's dependence on the 70% of refined fuels it currently imports.