Nigerian industrialist Aliko Dangote has officially become the first African to surpass a net worth of $30 billion, according to the latest Bloomberg Billionaires Index.
Dangote's milestone follows a $430 million increase in his holdings, capping a year that saw his fortune rise by over $2.16 billion.
The growth solidifies his long-standing position as Africa’s wealthiest individual and exposes the scale of his industrial empire, which spans cement, sugar, flour, and oil refining.
Analysts say Dangote’s success represents more than personal wealth.
"This is a defining moment for African industry. It shows that value-added manufacturing can rival resource extraction as a source of African wealth," said Ngozi Okonjo of Afrinvest.
A major factor behind the surge was the commissioning of a $160 million Dangote Cement plant in Attingué, Côte d’Ivoire, which adds three million tonnes of annual capacity to his pan-African network. The company now controls around 55 million tonnes of installed cement capacity across 11 countries.
However, the Dangote Petroleum Refinery has been described as the real transformative asset.
Since opening in late 2023, the facility has produced roughly 370,000 barrels per day, reshaping regional energy markets and greatly boosting Dangote’s valuation.
Reports suggest that plans are already underway to expand the refinery to 1.4 million barrels per day, which could make it the largest single refining complex globally, with a potential public listing of up to 10 percent of its shares on the Nigerian Exchange.
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