February 19, 2025
Forbes, has ranked Nigerian entrepreneur and billionaire Aliko Dangote, whose wealth nearly double to $23.9 billion, as the wealthiest person in Africa and 86th in the world. Forbes had previously ranked Aliko Dangote as the 144th richest person in the world in 2024 with $13.4 billion.
Forbes estimated Dangote’s net worth at $23.9 billion, primarily due to his 92.3 percent stake in Dangote Petroleum Refinery & Petrochemicals.
According to the Forbes Real-Time Billionaires List, the 67 years old, Dangote is once again among the top 100 richest individuals in the world, a position he has not held since 2018.
Forbes currently ranking, now placed Dangote significantly ahead of South African Johann Rupert, who was ranked 161st in the world with an estimated wealth of $14.4 billion and far above Mike Adenuga, who is the second richest in Nigeria and 481, in the world, with a net worth of $6.8 billion.
Dangote, broke Nigeria’s government oil monopoly with the construction of the largest petroleum refinery in Africa. It took 11 years, for the $23 billion investment, the Dangote Refinery began operations in 2024.
Situated on a vast 6,200 acres of land in the Lekki Free Zone, the refinery, at full capacity, will process a remarkable 650,000 barrels per day making it the largest refinery in Africa and seventh-largest in the world.
Adjacent to the refinery is a petrochemical complex with annual production capacity of 3 million metric tons of urea, making it Africa’s largest fertilizer producer. The Dangote Refinery is already having a significant impact on global energy markets.
Imports of petroleum into Nigeria are on track to reach an eight-year low, affecting European refiners that have traditionally sold to Nigeria.
According to energy intelligence firm Vortexa, Nigeria has become a net exporter of jet fuel, naphtha (a solvent used in varnishes, laundry soaps, and cleaning fluids), and fuel oil, according to S&P Global.
Dangote sees the refinery as part of a larger vision to transform Nigeria, one of the world’s largest crude oil producers, into a major producer of refined petroleum products and compete with European refineries and supply gasoline to Nigerian consumers.
READ MORE; FG Pledges To Meet Local Crude Demand Bans Export Of Crude Oil Allocated To Domestic Refineries
“I want to provide a blueprint for industrialization across Africa,” Dangote says in an interview with Forbes. “We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment.”
He believes Africa has long been “a mere dumping ground for finished products,” and his refinery represents “a pivotal step in ensuring that Africa can refine its own crude oil, thereby creating wealth and prosperity for its vast population.”
Dangote said the refinery is the biggest risk of his life and without success, it would have affected him greatly.
“It was the biggest risk of my life,” says Dangote about his decision to embark on the project. “If this didn’t work, I was dead.”
