Alhaji Aliko Dangote, the President of Dangote Group, has climbed to the 86th spot on the list of the world’s richest people after his net worth soared to $23.9 billion.
This massive jump in wealth comes just a year after his $20 billion Dangote Petroleum Refinery in Lagos kicked off operations.
From 144th to 86th in One Year
According to Forbes, Dangote was ranked 144th richest in the world in 2024. But with the success of his refinery, his fortune has surged from $13.4 billion to nearly $24 billion, making him the wealthiest person in Africa once again.
His refinery is currently the largest in Africa and the seventh-largest in the world, with a production capacity of 650,000 barrels per day. The plant is already changing Nigeria’s energy landscape, reducing fuel imports and shaking up global oil markets.
Taking on the “Oil Mafia”
Dangote’s entry into the oil sector has disrupted the government’s long-standing control of fuel supply in Nigeria. He previously mentioned facing serious challenges from what he called the “oil mafia,” powerful figures who weren’t happy with his refinery breaking their monopoly.
Despite these obstacles, he remained determined. “This was the biggest risk of my life. If it didn’t work, I was finished,” he told Forbes.
A Hero to Many Nigerians
Dangote’s impact goes beyond oil. His refinery includes a petrochemical complex that produces 3 million metric tonnes of urea annually, making it the largest fertiliser plant in Africa.
With Nigeria’s fuel imports now at an eight-year low, many see him as a game-changer. Zainab Usman, Director of the Africa Programme at the Carnegie Endowment for International Peace, says Nigerians view Dangote as a hero.
“He is seen as a real industrialist, someone who builds things,” she said.
Dangote himself believes that Africa’s future lies in self-reliance. “We have to build our continent by ourselves, not depend on foreign investment,” he said.
As his refinery continues to grow, all eyes are on how it will reshape Nigeria’s economy and strengthen its industrial sector.
