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.