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.

According to the report, a senior Dangote executive confirmed that several prospective investors had approached the company regarding participation in the project.

“So many potential investors have been approaching us,” the executive said.

The proposed refinery is expected to cost about $17bn and, when completed, will rank as the second-largest refinery in Africa after the 700,000-barrels-per-day Dangote Petroleum Refinery in Lagos.

Kenyan President William Ruto has previously expressed optimism that construction of the refinery will commence this year.

The Dangote refinery in Lagos, commissioned in phases beginning in 2024, has significantly altered Nigeria’s downstream petroleum sector by reducing dependence on imported refined petroleum products and supplying petrol, diesel, aviation fuel and other products to Nigeria and several African countries.

Building on that success, Dangote Industries has unveiled plans to establish a second mega refinery in East Africa to strengthen regional energy security, reduce Africa’s reliance on imported fuels and deepen intra-African trade in refined petroleum products.

Tanzania and Kenya have both been considered potential host countries, although Dangote has indicated that Kenya’s coastal town of Lamu currently offers the most favourable commercial and technical conditions for the project.

The proposed East African refinery forms part of Dangote Industries’ broader strategy to expand refining capacity across the continent, strengthen regional energy security and reduce Africa’s reliance on imported fuels.