Museveni, Nigerian Billionaire Dangote Discuss EA Oil Refinery

President Yoweri Museveni today met African billionaire industrialist Aliko Dangote at Nakasero State Lodge, where the two held discussions on a proposed East African regional oil refinery project aimed at boosting value addition and regional economic integration.

In a statement issued after the meeting, Museveni said Uganda has consistently opposed the export of raw materials without processing them locally, explaining that this principle informed the country’s decision to delay commercial oil production until plans for a refinery were secured.

“We have always opposed the export of raw materials without value addition. That is why Uganda delayed oil production because we insisted on first having a refinery,” Museveni said.

The President argued that exporting crude oil without refining it within the region would deny African countries the full economic and strategic benefits associated with petroleum resources.

“Without refining our oil, it would not make economic or strategic sense to simply export crude oil while others benefit from the finished products,” he added.

Museveni welcomed Dangote’s proposal for a larger regional refinery, describing it as consistent with Uganda’s broader vision of African integration, industrialization and shared prosperity.

According to Museveni, East African countries can only fully benefit from major infrastructure and energy projects if they work together as a united economic bloc rather than fragmented markets.

“We cannot continue operating as fragmented and weak markets. If East Africa works together, such projects become more viable and beneficial to our people,” Museveni noted.

The meeting comes at a time when Uganda continues preparations for the development of its domestic oil sector, including the planned refinery in Hoima District and the East African Crude Oil Pipeline (EACOP).

Museveni emphasized that Uganda remains committed to both tracks — supporting regional cooperation initiatives while continuing with the development of its own refinery project in Hoima.

“Uganda is ready to support the regional refinery initiative while also continuing with the development of our own refinery in Hoima,” he said.

Yoweri Museveni has repeatedly argued that Africa must move away from exporting raw materials in their unprocessed form if the continent is to achieve meaningful industrialization, job creation and economic transformation.

Hoima is expected to become Uganda’s main oil hub once commercial production begins.