A Remarkable Financial Growth
Nigerian billionaire Aliko Dangote has experienced a sharp rise in his fortune, nearly doubling to $23.9 billion, according to Forbes. This major increase confirms him as Africa’s richest person and elevates him to 86th place globally. In 2024, he ranked 144th with an estimated $13.4 billion.
Forbes attributes this financial leap largely to his 92.3% stake in Dangote Petroleum Refinery & Petrochemicals. At 67, he re-enters the world’s top 100 wealthiest people, a position he last held in 2018, based on the Forbes Real-Time Billionaires List.
Outpacing African Billionaires
Dangote’s ranking now surpasses that of South African tycoon Johann Rupert, who holds the 161st position globally with $14.4 billion. Additionally, he far exceeds Nigeria’s second-richest individual, Mike Adenuga, who stands at 481st place with $6.8 billion.
A Landmark Refinery Project
Dangote disrupted Nigeria’s government-controlled oil industry by constructing Africa’s largest petroleum refinery. The project, which took 11 years and required $23 billion in investment, launched operations last year despite significant challenges.
Located in the Lekki Free Zone, the refinery spans 6,200 acres and can process 650,000 barrels of crude daily when fully operational. This makes it the seventh-largest refinery globally and the largest in Africa. Additionally, the adjacent petrochemical complex produces 3 million metric tons of urea annually, making it Africa’s largest fertilizer producer.
Impact on Global Energy Markets
The refinery is reshaping global energy trade. Nigeria’s petroleum imports are expected to decline to their lowest level in eight years, disrupting European refiners that traditionally supplied the country, according to energy intelligence firm Vortexa.
Additionally, Nigeria is now a net exporter of jet fuel, naphtha, and fuel oil, as reported by S&P Global. Dangote envisions his refinery transforming Nigeria into a major refined petroleum producer, helping it compete with European refineries while ensuring a steady fuel supply for local consumers.
A Vision for African Industrialization
Dangote sees his refinery as essential to Africa’s industrial growth. In an interview with Forbes, he emphasized the need for self-reliance in economic development.
“We must build our nation and continent ourselves instead of depending on foreign investments,” Dangote said. He argues that Africa has been a dumping ground for finished goods, and his refinery aims to change that by refining crude locally and driving economic prosperity.
The Biggest Gamble of His Career
Dangote admits the refinery was the riskiest venture of his life. Had it failed, the impact would have been severe.
“This was the biggest risk I ever took. If it didn’t succeed, I would have lost everything,” he remarked.
Recognized for Industrial Contributions
Dangote’s role in Nigeria’s industrial development has earned him widespread admiration. Zainab Usman, director of the Africa Programme at the Carnegie Endowment for International Peace, highlighted his reputation.
“In most of Nigeria, he is viewed as a hero. People see him as a true industrialist who builds real projects,” she said.
Chika Ezeanya, a professor of African studies at Soka University of America, reinforced this view, emphasizing his deep understanding of local consumer needs.
“He strongly believes in the demand for his products among Nigerians,” Ezeanya said. He added that while governments and policies may shift, consumer needs in Nigeria will only grow.
