Africa's richest man injects $2 billion into Gambia to support energy and fuel security
The investments will include the construction of a 250-megawatt solar power plant.
Written by: Ayman Ragab
Gambian President Adama Barrow announced that businessman Aliko Dangote, chairman and CEO of the Dangote Group and the continent's richest man, has pledged to make strategic investments worth US$2 billion in the country.
The announcement came after a meeting held at the presidential palace in the capital, Banjul, where President Barrow received Aliko Dangote on the sidelines of the 2026 African Union meetings hosted by The Gambia.
The meeting resulted in a commitment to implement two strategic projects: the establishment of a 250-megawatt solar power plant and the development of a modern fuel storage facility, which will contribute to enhancing the country’s fuel storage capabilities and ensuring the security of supplies.
President Barrow's administration affirmed its continued support for trade and investment within the African continent, while welcoming serious investors willing to invest in the Gambian economy.
East African oil refinery
In another context, Edwin Devakumar, vice president in charge of oil and gas at Dangote Industries Limited, told AFP that the future oil refinery in East Africa, with a planned production capacity of 700,000 barrels per day and backed by Africa's richest man, Aliko Dangote, will be built in Kenya, thus ending speculation about the location of this project.
It was stated that this massive refinery, comparable to the large complex built by Dangote in Nigeria, will be located in Lamu, an island off the coast of Kenya.
The construction of this infrastructure is expected to take approximately 30 months in East Africa's largest economy.
Tanzania was initially among the countries considered to host the refinery. Nigerian billionaire Dangote visited Tanzania in late June, where he met with Tanzanian President Samia Suluhu Hassan.
Investing in Lamu
He then explained to him “the commercial and technical considerations that led the group to make its decision to establish the future East African refinery in Lamu,” according to a statement from his office.
Tanzania was also invited to participate in investments in Lamu.
The Nigerian industrialist had previously indicated his preference for the Kenyan city of Mombasa, before finally announcing his choice of Lamu.
Dangote, which began operating its Nigerian refinery with a capacity of 650,000 barrels per day in 2024, owns the largest oil refining facility on the continent.
