Billionaire Aliko Dangote’s fortune has surged nearly 100% to $23.9 billion, securing his position as Africa’s wealthiest individual and ranking him 86th in the world, according to Forbes. This marks a significant jump from his 2024 ranking, where he was listed as the world’s 144th richest person with a net worth of $13.4 billion.
Thank you for reading this post, don't forget to subscribe!Forbes attributes Dangote’s financial leap to his 92.3% ownership in Dangote Petroleum Refinery & Petrochemicals, a game-changing project in Africa’s energy sector. At 67, Dangote has returned to the global top 100 richest list, a feat he last achieved in 2018.
Leading Africa’s Billionaires
Dangote’s wealth places him well ahead of South African billionaire Johann Rupert, who ranks 161st globally with $14.4 billion, and Nigerian telecom mogul Mike Adenuga, who stands 481st with $6.8 billion.
Dangote Refinery Reshaping Nigeria’s Energy Sector
Dangote disrupted Nigeria’s oil monopoly by establishing Africa’s largest petroleum refinery, a $23 billion project that took 11 years to complete. Situated on 6,200 acres in the Lekki Free Zone, the refinery has a production capacity of 650,000 barrels per day (b/d)—making it the largest in Africa and the seventh-largest globally. Additionally, its adjacent petrochemical complex produces 3 million metric tons of urea annually, positioning it as Africa’s top fertilizer producer.
The refinery is already reshaping global energy markets, with Nigeria’s petroleum imports dropping to an eight-year low, affecting European refiners that traditionally supplied the country, according to Vortexa. Meanwhile, S&P Global reports that Nigeria has now become a net exporter of jet fuel, naphtha, and fuel oil.
Dangote’s Vision for African Industrialization
Beyond profitability, Dangote sees the refinery as a catalyst for Africa’s self-reliance in refining crude oil, reducing dependency on foreign imports.
“I want to provide a blueprint for industrialization across Africa,” he told Forbes. “We have to build our continent by ourselves, not rely on foreign investment.”
Dangote believes Africa has long been treated as a dumping ground for finished goods, and his refinery aims to reverse that trend.
Biggest Gamble of His Life
Dangote acknowledged that the refinery project was the biggest risk he had ever taken.
“It was the biggest risk of my life,” he admitted. “If this didn’t work, I was dead.”
Public Perception: A National Hero
Many Nigerians regard Dangote as a national hero. Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, told Forbes that Dangote is widely respected for his contributions to the nation’s industrial development.
“He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” Usman said.
Chika Ezeanya, a professor of African studies at Soka University of America, echoed this sentiment, stating that Dangote understands the evolving needs of Nigerian consumers.
“Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand,” he noted.
With his refinery reshaping Africa’s energy landscape, Dangote’s ambition continues to drive Nigeria toward economic self-sufficiency.
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