Dangote Becomes First African to Reach $30 Billion Net Worth

Aliko Dangote, president of Dangote Industries Limited (DIL), has become the first African to achieve a net worth of $30 billion, according to the Bloomberg Billionaires Index. As of October 24, the Nigerian industrialist’s fortune rose by $2.25 billion to $30.3 billion, securing him the 75th position on the global billionaires’ list and making him the only African among the world’s top 100 richest individuals.

The new valuation milestone follows the recent expansion of Dangote Cement, a subsidiary of Dangote Group, which launched a new plant in Attingué, Côte d’Ivoire. Covering 50 hectares, the facility has a production capacity of 3 million tonnes per year, ranking among the group’s largest operations outside Nigeria.

In Nigeria, Dangote continues to make waves in the oil and gas sector through his multibillion-dollar refinery in Ibeju-Lekki, Lagos. Commissioned in May 2023, the 650,000-barrel-per-day refinery began producing diesel in January 2024 and petrol in September, after initial supply challenges. The facility is already considered one of Africa’s most ambitious industrial projects.

Earlier this week, Dangote announced plans to list the refinery on the Nigerian Exchange (NGX) within the next year, offering between 5 and 10 percent of its shares to the public. He noted that the move follows the model used for Dangote Cement and Dangote Sugar Refinery, and hinted that the Nigerian National Petroleum Company (NNPC) Limited could increase its current 7.2 percent stake once the refinery’s next growth phase begins.

The group also revealed plans to ramp up output to 1.4 million barrels per day—an expansion that would surpass the world’s largest refinery in Jamnagar, India, which currently operates at 1.36 million barrels per day.

Despite the refinery’s growing influence, its nationwide fuel distribution scheme, launched in June with 4,000 new CNG-powered tankers, has faced pushback from some industry players. The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) expressed concern that Dangote’s strategy could edge out competitors and lead to potential job losses in the downstream sector.

Dangote’s latest achievement further cements his legacy as Africa’s most successful industrialist and one of the world’s most influential business figures.