Aliko Dangote’s net worth has doubled following the commencement of operations at his much-anticipated refinery, solidifying his position as Africa’s richest man and boosting Nigeria’s economic prospects.
Aliko Dangote, the Nigerian billionaire and CEO of Dangote Refinery, has witnessed a substantial increase in his wealth to $28 billion following the commencement of operations at his highly anticipated oil refinery.
The Bloomberg Billionaires Index indicates that the opening of Nigeria’s cutting-edge refinery has significantly boosted Dangote’s wealth, highlighting the project’s economic promise.
Situated in the Lekki Free Trade Zone in Ibeju-Lekki, Lagos, this refinery stands as the largest single-train oil processing facility worldwide. It is engineered to process a diverse array of crude grades from around the world.
READ ALSO: Wole Soyinka Declares Readiness for Death: ‘I Am Prepared
Bloomberg reported that it could revolutionize Nigeria’s economy by achieving self-sufficiency in fuel production, and it has also increased his net worth to over $27.8 billion.
The refinery’s operation is anticipated to greatly transform the dynamics of Nigeria’s energy sector, with expectations that it will decrease or possibly end the country’s dependence on imported fuel.
Industry experts predict continued growth in Dangote’s wealth as the refinery increases production and expands its output. The billionaire plans to capture a major portion of Nigeria’s domestic fuel market while also exporting refined products to other African nations.
At the age of 67, Dangote has amassed much of his wealth through an 86% ownership in Dangote Cement, worth more than $9 billion and operating across ten African nations. In addition to this, his conglomerate—the Dangote Group—holds investments in food production, fertilizer manufacturing, and real estate sectors.
