Africa’s richest man, Aliko Dangote, will rely heavily on debt to finance the proposed multi-billion shilling oil refinery in Lamu, with construction of the project expected to begin by October this year.
Mr Dangote disclosed that 70 percent of the estimated $16 billion (Sh2.07 trillion) project will be financed through debt, replicating the highly leveraged funding model commonly used for large infrastructure projects. The remaining 30 percent will be financed through equity.
