Africa's richest man and business leader, Aliko Dangote, says construction of a new oil refinery in Kenya is expected to begin by October, describing the project as a major step towards helping African countries achieve energy self-sufficiency.

In an exclusive interview with the BBC's Nancy Kacungira near his Lagos refinery in Nigeria, Mr Dangote said plans for the 700,000-barrel-per-day refinery were at an advanced stage and that the facility would serve much of East Africa.

Groundbreaking expected by October

Mr Dangote said preparations for the project had progressed significantly and that construction would begin soon after the groundbreaking ceremony.

"The plans have actually gone very far with Kenya because what we are trying to do really is to make sure that most African countries make themselves sufficient in their own energy needs," he said.

"I think, latest, by October, we'll be doing groundbreaking. Once we break ground, we'll start the construction very soon."

He said the refinery would not only serve Kenya but also neighbouring countries across East Africa.

"That's why we're calling it East African Refinery... that can serve a lot of countries up to even Egypt," he said.

Project cost revised to about $16 billion

Mr Dangote disclosed that the refinery is now expected to cost between $15.5 billion and $16 billion, down from the initial estimate of $17 billion.

"I think, we thought it was going to cost $17 billion, but it's going to cost much less than that. We're looking at about 15 and a half, $16 billion," he said.

He attributed the lower cost to lessons learnt from constructing the Dangote Refinery in Lagos, Nigeria, and a shorter construction period.

"This one will be faster. We're wiser as a company than that time when we built this one because we were just learning when we built the one here," he said.

According to him, the refinery is expected to be completed in less than four years.

Funding to come from equity and debt

On financing the project, Mr Dangote said the company would rely on a mix of equity and debt.

"We're looking at equity and debt. So 30% is going to be equity and then 70% will be debt. But we don't have any problem raising the money," he explained.

'Massive impact' on East Africa's energy security

Mr Dangote said the refinery would significantly improve energy security across the region by ensuring countries have reliable access to refined petroleum products.

"It's going to have a massive impact, really. It guarantees the countries getting their own products. They're not going to live hand to mouth. The refinery is there, it's for them," he said.

Africa must turn potential into reality

Reflecting on Africa's economic future, Mr Dangote urged African leaders and businesses to move beyond discussing the continent's potential and focus on delivering tangible results.

"We Africans must make sure that the prospects that we have, the opportunities that we have... You know, people say, yes, the potential, potential. But you have to put that potential into reality," he asserted.

He stressed that Africa's development must be driven by Africans themselves.

"Nobody, and I repeat, nobody will come and drive it for us," he said.

Mr Dangote also called for the full implementation of the African Continental Free Trade Area (AfCFTA), saying it would unlock economic growth across the continent.

"Once we are able to sign the AfCFTA, the growth will be there. It will happen," he said.

He further urged African countries to prioritise production and job creation, warning that prosperity cannot be achieved without building productive economies.

"You cannot imagine you have one quarter of the world's population and you are not producing anything. If you are not productive, how do you create prosperity? We have to create jobs," he urged.

He said Africa's youthful population needed opportunities and livelihoods, adding that governments and business leaders have a responsibility to create them.

"We need to make sure we rally the rest of the people to support us so that we can actually provide all these things for the continent."