Responding to a question about reports that Rwanda could acquire a stake in the refinery during a press conference in Kigali on Monday, President Kagame said discussions were still at an early stage and that it was too soon to provide further details.
“In a way, there has been. But it is too early to talk about the details, because I think it is a work in progress. Things are still being thought out,” Kagame said during the press conference at the Kigali Convention Centre.
“But what I can say is that Rwanda would be very happy to be part of that kind of investment.”
His remarks follow reports that the Nigerian businessman is seeking regional partners for a major refinery project planned for Kenya’s northern coast.
Dangote has reportedly offered East African countries a combined 30 percent equity stake in the project, with Kenya, Rwanda and Ethiopia among the countries reported to have expressed interest.
According to reports, Kenya could take a 10 percent stake worth about $500 million, while the combined regional stake would be valued at approximately $1.5 billion.
The refinery is planned for Lamu and is expected to have a processing capacity of up to 700,000 barrels per day, potentially making it one of Africa’s largest refining facilities.
The refinery itself is estimated to cost up to $16 billion, while the broader petrochemical complex and additional port infrastructure could bring the total investment to around $20 billion.
If completed, the project could help reduce East Africa’s dependence on imported refined petroleum products and strengthen the region’s energy security by creating a major source of fuel closer to regional markets.
President Kagame did not provide details on the size of a potential Rwandan investment or the stage of the discussions, stressing that the plans were still being considered.
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