The billionaire’s rise in fortune follows the successful commencement of operations at the $20 billion Dangote Petroleum Refinery in Lagos, a game-changing project that has disrupted Nigeria’s dependence on fuel imports.
Dangote, who was ranked 144th in 2024 with a net worth of $13.4 billion, has now re-entered the top 100 richest individuals worldwide, a position he last held in 2018. His rapid climb is largely due to his 92.3% stake in the refinery, which has significantly boosted his financial standing.
Africa’s Richest, Ahead of Global Business Titans
Dangote remains Africa’s richest person, surpassing South African billionaire Johann Rupert, who ranks 161st in the world with an estimated $14.4 billion, and Nigeria’s Mike Adenuga, who is now the second-richest Nigerian with a net worth of $6.8 billion, placing him 481st globally.
His 650,000-barrel-per-day refinery, the largest in Africa and seventh-largest in the world, has begun reshaping the continent’s energy landscape. The adjacent petrochemical complex also boasts an annual production of 3 million metric tonnes of urea, making it Africa’s largest fertiliser producer.
A Vision for African Industrialisation
In an interview with Forbes, Dangote shared his vision of self-sufficiency and industrial growth for Africa, stating:
“I want to provide a blueprint for industrialisation across Africa. We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.”
He admitted that constructing the refinery was the biggest risk of his life, acknowledging the resistance from powerful oil interests.
“If this didn’t work, I was dead,” he remarked, underlining the high stakes involved in the venture.
Economic Impact and Recognition
The Dangote refinery is already transforming Nigeria’s energy sector, reducing fuel imports to an eight-year low, and causing disruptions for European refiners that previously supplied the country.
According to Dr. Zainab Usman, Director of the Africa Programme at Carnegie Endowment for International Peace, Dangote is seen as “a hero and a true industrialist” by many Nigerians, as he continues to reshape the country’s economy through industrial development.
With this latest financial leap, Dangote has cemented his legacy as one of the world’s most influential business leaders, driving Africa’s push toward economic self-sufficiency.
