Forbes magazine has ranked Aliko Dangote, Africa’s wealthiest business leader, as the 86th richest person globally, with a net worth of $23.9 billion.Â
This marks a remarkable surge in his fortune over the past year, with an increase of $11 billion—an 85% rise from the $12.9 billion reported by Forbes in February 2023.
His 92.3% stake in the Dangote Petroleum Refinery & Petrochemicals is the primary driver behind this financial growth. The refinery, which has a processing capacity of 650,000 barrels per day, commenced operations in January 2024, producing jet fuel, naphtha, and diesel. By September of the same year, it had also begun gasoline production. This expansion has significantly boosted its output, with reports indicating that by late 2023, the refinery was consuming approximately 24 million barrels of Nigerian crude oil.
The refinery is on track to become fully operational within a month. Additionally, it is set to receive up to 12 million barrels of crude oil from the United States, further enhancing its production capacity and output. This development positions Dangote’s refinery as a major global oil and gas industry player, strengthening Nigeria’s refining capacity and reducing dependence on fuel imports.
Aliko Dangote’s remarkable financial leap highlights the growing influence of African entrepreneurs in the global business landscape. His refinery’s success not only increases his wealth but also has the potential to create jobs, improve energy security, and boost Nigeria’s economy.
Meanwhile, in the global wealth rankings, Tesla CEO Elon Musk remains the world’s richest person, with a net worth of $393.2 billion. Meta’s Mark Zuckerberg follows him at $247.2 billion and Amazon’s Jeff Bezos at $240.1 billion. While Dangote is the only African among the top 100 billionaires, his continued expansion in the oil and gas sector could push him further up the rankings in the future.
As the Dangote Refinery continues to scale up operations, its impact on the Nigerian and global energy markets will likely grow. If production remains steady and market conditions remain favorable, Dangote’s wealth could increase even further, solidifying his status as Africa’s most successful businessman.
