Tanzania’s richest businessman has pledged to invest $100 million in the Dangote Petroleum Refinery in Nigeria, marking a major vote of confidence in Africa’s largest oil refining project.

The investment is expected to strengthen economic ties between Nigeria and Tanzania while supporting the refinery’s long-term expansion and operations.

The Dangote Refinery, located in Lagos, has a processing capacity of 650,000 barrels of crude oil per day and is designed to meet Nigeria’s domestic fuel needs while exporting refined petroleum products across Africa.

The Tanzanian billionaire said the investment reflects his confidence in the refinery’s potential to transform Africa’s energy sector, reduce dependence on imported fuel, and promote regional industrial growth.

Industry analysts believe the move could encourage more African investors to back large-scale infrastructure and manufacturing projects, helping to boost intra-African trade and economic development.

The Dangote Refinery, owned by Nigerian industrialist Aliko Dangote, has already begun supplying petroleum products to the local market and is expected to play a key role in improving fuel availability and reducing import costs across the continent.