Nigerian billionaire Aliko Dangote has climbed to the 86th position on Forbes’ list of the world’s richest individuals, with an estimated net worth of $23.9 billion. This marks a significant rise from his previous ranking at 144th, where his fortune stood at $13.4 billion last year.
Dangote, 67, remains Africa’s wealthiest individual, far ahead of South African businessman Johann Rupert, who ranks 161st globally with a net worth of $14.4 billion, and Nigerian telecom tycoon Mike Adenuga, who holds the 481st spot with $6.8 billion.
Forbes attributes Dangote’s soaring wealth to his 92.3% stake in Dangote Petroleum Refinery & Petrochemicals, a $23 billion mega-project that began operations last year after 11 years of development. Located in the Lekki Free Zone, the refinery is Africa’s largest, capable of processing 650,000 barrels of crude oil per day, making it the seventh-largest refinery in the world. It also houses Africa’s largest fertilizer plant, producing 3 million metric tons of urea annually.
The refinery has already begun reshaping Nigeria’s energy sector, reducing petroleum imports to their lowest level in eight years and turning the country into a net exporter of jet fuel, naphtha, and fuel oil. This shift has disrupted European refineries that traditionally supplied Nigeria with refined products.
Speaking to Forbes, Dangote emphasized his vision of industrializing Africa and reducing reliance on foreign investment.
“We have to build our nation by ourselves. We have to build our continent by ourselves,” he said. “Africa has long been a mere dumping ground for finished products. A pivotal step in ensuring that Africa can refine its own crude oil will create wealth and prosperity for its vast population.”
Dangote acknowledged that the refinery was his biggest financial risk, stating, “If this didn’t work, I was dead.”
With his growing wealth and influence, Dangote continues to be a key player in Africa’s economic transformation, aiming to position Nigeria as a global powerhouse in refined petroleum production.
