Tanzania’s richest businessman, Mohammed Dewji, has expressed his readiness to invest $100m in Aliko Dangote’s proposed $17bn refinery in East Africa, in a move that underscores growing investor confidence in the multibillion-dollar project, according to a Bloomberg report on Friday.
Dewji disclosed his interest in an interview, saying he would prefer the refinery to be located in Tanzania but remained willing to participate even if Dangote proceeds with plans to build it in neighbouring Kenya.
Dangote, Africa’s richest man, recently unveiled plans to replicate the success of his 700,000-barrels-per-day refinery in Lagos by constructing another mega refinery on Africa’s east coast.
Although Tanzania was initially considered a potential host country, Dangote has since said Kenya’s coastal town of Lamu was selected for “commercial and technical” reasons, without providing further details.
Speaking on his investment plans, Dewji said he had not yet discussed the proposal with Dangote but intended to do so.
“I would lean more toward Tanzania than Kenya,” he said, adding that he had not ruled out investing if the refinery is eventually developed in East Africa’s largest economy. I will definitely reach out to him, and we can chat about it,” he added.
The report said the proposed refinery has continued to attract strong investor interest ahead of construction. His comments come amid increasing interest from regional and international investors seeking to participate in the multibillion-dollar project.
