Aliko Dangote is planning one of the biggest private industrial projects ever proposed in Kenya, but the financing structure behind the planned Lamu oil refinery deserves as much attention as the refinery itself.
The project has now been put at about **$16 billion**, down from the earlier estimate of $17 billion. Dangote plans to finance roughly **70 percent through debt**, meaning about $11.2 billion, while the remaining 30 percent would come through equity. Business Daily puts the debt requirement at about **Sh1.45 trillion**.
Construction is expected to begin in October 2026, with the proposed…
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