Billionaire industrialist Aliko Dangote, president of Dangote Industries Limited (DIL), has reached a new financial milestone, with his net worth climbing to $30.3 billion as of Friday, according to the Bloomberg Billionaires Index.
The $2.25 billion increase has elevated Dangote to 75th position globally, making him the only African on the list of the world’s top 100 richest individuals.
The milestone coincides with significant expansions across Dangote’s business empire. Dangote Cement recently launched a new facility in Attingué, Côte d’Ivoire.
The 50-hectare plant has an annual production capacity of 3 million tonnes of cement, making it one of the largest Dangote operations outside Nigeria.
In Nigeria, Dangote has been making major strides in the oil sector. His multibillion-dollar refinery in Ibeju-Lekki, Lagos, began operations in May 2023.
The 650,000-barrel-per-day facility, situated on 2,635 hectares in the free zone area, started diesel production on January 12, 2024, and began petrol output on September 3, 2024.
On October 22, Dangote revealed plans to list the refinery on the Nigerian Exchange (NGX), offering 5 to 10 percent of its stake within the next year.
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He also noted that the Nigerian National Petroleum Company (NNPC) Limited could increase its stake, currently at 7.2 percent, once the next expansion phase is completed.
The refinery aims to boost production to 1.4 million barrels per day, surpassing India’s Jamnagar refinery, currently the world’s largest at 1.36 million barrels per day.
However, these ambitious expansions have generated tension in Nigeria’s downstream sector. In June, the refinery unveiled a nationwide fuel distribution scheme supported by 4,000 new compressed natural gas (CNG)-powered tankers.
Industry players have opposed the initiative, with the Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) warning that the move could create a monopoly and lead to significant job losses.
Despite these challenges, Dangote’s cement, oil, and industrial ventures continue to cement his status as Africa’s richest individual, highlighting the scale of his investments and his enduring impact on the continent’s industrial landscape.
