Billionaire businessman Aliko Dangote has seen his fortune soar to $23.9 billion, nearly doubling in value, according to Forbes.
This increase has solidified his position as Africa’s richest person and placed him 86th in the world, a significant jump from his 144th position in 2024, when his net worth was $13.4 billion.
Dangote’s financial growth is largely attributed to his 92.3% stake in Dangote Petroleum Refinery & Petrochemicals. At 67, he has returned to the top 100 richest individuals worldwide, a milestone he last achieved in 2018, according to the Forbes Real-Time Billionaires List.
His wealth now places him far ahead of Johann Rupert, a South African businessman ranked 161st in the world with $14.4 billion, and Mike Adenuga, Nigeria’s second-richest person, who ranks 481st globally with $6.8 billion.
Dangote’s massive leap in wealth comes after successfully breaking Nigeria’s long-standing dependence on petroleum imports. His $23 billion investment in the Dangote Refinery, which began operations last year, has reshaped Nigeria’s energy sector. Situated on a 6,200-acre site in the Lekki Free Zone, the refinery can process 650,000 barrels per day (b/d), making it the seventh-largest in the world and Africa’s biggest. Alongside it, the petrochemical complex produces 3 million metric tons of urea annually, making it the largest fertilizer producer in Africa.
The refinery is already influencing global energy markets. Nigeria’s petroleum imports are expected to decline to their lowest levels in eight years, affecting European refiners that have historically supplied the country, according to Vortexa, an energy intelligence firm. Additionally, Nigeria has become a net exporter of jet fuel, naphtha, and fuel oil, according to S&P Global.
Dangote views the refinery as a key part of a broader mission to transform Nigeria from a crude oil exporter into a major refined petroleum producer, allowing it to compete with European refineries while ensuring a steady supply of gasoline for Nigerian consumers.
“I want to provide a blueprint for industrialization across Africa,” Dangote told Forbes. “We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.” He emphasized that Africa has long been a “dumping ground for finished products” and sees the refinery as a critical step toward self-sufficiency and economic growth.
Reflecting on the risks involved, Dangote described the refinery project as the biggest gamble of his career.
“It was the biggest risk of my life,” he said. “If this didn’t work, I was dead.”
His achievements have earned him admiration across Nigeria and beyond. Zainab Usman, Director of the Africa Programme at the Carnegie Endowment for International Peace, described Dangote as a hero in Nigeria.
“He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.
Similarly, Chika Ezeanya, a Professor of African Studies at Soka University of America, commended Dangote for addressing consumer needs across the continent.
“I think he’s believed staunchly in the fact that Nigerians need products that he has to offer,” Ezeanya said. “Governments can come and go, policies can be changed, but the needs of the Nigerian consumer will only grow and expand.”
