Kenya · Funding signal

While the world shifts from fossil fuels to EVs, Africa’s richest man is building a $16bn refinery in a country that barely produces oil

While the world shifts from fossil fuels to EVs, Africa’s richest man is building a $16bn refinery in a country that barely produces oil — the desk wire, 2 October 2026. Aliko Dangote’s decision to build a $16 billion oil refinery in Kenya raises an obvious question at a time when the global transport industry is shifting towards electric vehicles and Kenya itself has struggled for more than a decade to turn its crude discoveries into sustained commercial production.

Updated 2 October 2026 · First published 2 October 2026

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