African Industrialist, Alhaji Aliko Dangote has urged residents of Lamu, Kenya, not to rush into selling their land as the $16 billion Dangote East Africa Petroleum Refinery and Petrochemicals project takes off.
Dangote, President of Dangote Industries Limited, gave the advice on Wednesday at the groundbreaking ceremony of the refinery project.
Speaking, Dangote recalled how land values around the Nigerian refinery had increased by more than 1,000 per cent, arguing that the same kind of economic transformation could come to Lamu as the new project develops.
“Sixteen billion dollars of investment is not a joke,” he said.
He urged residents to recognise the value of the land they currently own and avoid giving it away without considering how the massive investment could affect property values in the area.
“I want to advise that be careful in releasing your lands because they are the greatest assets that you have,” he said.
Dangote said the scale of activity already taking place around the project showed that development had moved quickly, with more than 110 pieces of equipment already at the site.
He added that another 400 pieces of equipment were expected to arrive within the next 60 days.
The Dangote Group President said the project was among the fastest major projects his group had launched, adding that its development could bring significant economic activity to Lamu.