Kenyan President William Ruto and Nigerian businessman Aliko Dangote on Wednesday, September 30, launched the construction of the Dangote East Africa Petroleum Refinery, a $16 billion project (Rwf23.6 trillion) set to transform the energy and industrial landscape of Kenya and the region.

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Ruto and Dangote were joined by Ethiopia&039;s Prime Minister Abiy Ahmed, Uganda's President Yoweri Museveni, Benin's President Romuald Wadagni and Togo's President Jean-Lucien Savi de Tové for the ceremony.

The refinery to be built in the Kenyan port city of Lamu is expected to have a processing capacity of 700,000 barrels per day, matching the scale of Dangote’s flagship refinery in Nigeria.

Ruto said the project will boost the Kenyan economy by 12 per cent, inject an additional $4 billion in foreign direct investment each year during the four years of construction, provide 60,000 direct jobs, build local expertise and accelerate the transformation of the Lamu Port-South Sudan-Ethiopia Transport Corridor into a major industrial hub.

Dangote, Africa's richest man, has offered Kenya, Rwanda and Uganda a combined 30 per cent stake in the refinery, which is scheduled to be completed in 2030.

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In August, President Paul Kagame said Rwanda would be happy to acquire a stake in the refinery, although talks were still in the early stages.

Engineers India Limited won a $450 million project engineering contract, while Honeywell Technologies will provide technological support.

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The refinery, whose shares will eventually be listed on the Nairobi bourse, is the largest-ever foreign direct investment in Kenya, Ruto said.

"This is more than a refinery. It is an integrated industrial complex featuring a 1,000MW power plant, plastic factory and the manufacturing of fertilisers and chemicals,” Ruto said.

On behalf of President Paul Kagame, Antoine-Marie Kajangwe, Rwanda’s Minister of Trade and Industry (MINICOM), participated in the groundbreaking ceremony for the Dangote East Africa Petroleum Refinery and Petrochemicals Special Economic Zone (SEZ) in Lamu, Kenya.

"Rwanda looks forward to the commencement of this landmark project and to its contribution to unlocking the value of Africa’s natural resources,” the Ministry of Trade and Industry stated.