According to Forbes’ real-time ranking of billionaires, Dangote’s net worth climbed to approximately $23.9 billion from $13.4 billion last year. This increase of around $10.5 billion (78.4 per cent) was driven by the recent commencement of operations of Dangote Petroleum Refinery commenced operations in Lagos.
With a 92.3 per cent stake in the Dangote refinery, the 67-year-old billionaire has re-entered the ranks of the top 100 richest individuals for the first time since 2018. He also stands out prominently on the list as the only African among the top 100 richest individuals in the world.
Current Rankings
South African billionaire Johann Rupert holds the second spot in Africa, at 164th with a net worth of $14.2 billion. Nicky Oppenheimer and family come in third place, at 288th position, with a net worth of $9.5 billion.
The Dangote refinery, with a capacity of 650,000 barrels per day, is the largest in Africa and the seventh-largest refinery globally. Since the commencement of operations of the petroleum refinery in Lagos, Dangote has disrupted the Nigerian government’s oil monopoly and has overcome substantial challenges from the Nigerian “oil mafia.”
The refinery is already influencing global energy dynamics after it recently signed a deal to export two cargoes of aviation fuel to Saudi Arabia. Locally, the refinery is already influencing the import-export market, as Nigeria’s petrol imports have reached their lowest level in eight years, reducing reliance on foreign suppliers and strengthening fuel independence.
In an interview with Forbes, Dangote shared his vision for African industrialization, stating, “We have to build our nation by ourselves. We have to build our continent by ourselves, not rely on foreign investment.” He described the refinery project as “the biggest risk of my life,” emphasizing the stakes involved for his financial future.
Zainab Usman, Director of the Africa Programme at the Carnegie Endowment for International Peace, remarked that many Nigerians believe Dangote to be a hero, a true industrialist driving transformative change in the country and in Africa.
