Nigerian industrialist Aliko Dangote has cemented his status as Africa's richest person, crossing the $30 billion net worth milestone.
According to the latest figures from the Bloomberg Billionaires Index, the founder and chairman of the Dangote Group has become the first African ever to reach this extraordinary financial benchmark.
The achievement is largely attributed to the robust performance of his conglomerate's flagship entities, particularly the Dangote Cement empire and the substantial valuation gains tied to the newly operational Dangote Oil Refinery in Lagos.
The billionaire's fortune is estimated to have surged by over $2 billion year-to-date.
Dangote now ranks as the sole African among the world's top 100 wealthiest individuals, a testament to his decades-long strategy of investment in large-scale, import-substituting infrastructure across the continent.
The primary engine of this latest wealth acceleration is the phased operational ramp-up of the Dangote Refinery, the largest single-train petroleum facility in the world.
Having launched operations and begun production of refined products, including diesel and petrol, the $20 billion project is significantly de-risking Nigeria's energy sector and is a monumental asset on Dangote's balance sheet.
The 650,000 barrels per day (bpd) refinery's long-term value is expected to be further boosted by the associated petrochemical and fertilizer plants, creating a vertically integrated manufacturing behemoth.
The crossing of the $30 billion threshold marks a new epoch for African capitalism, but for the Dangote Group, it appears to be only the beginning of a larger financial trajectory.
Ambitious Expansion Plans
Dangote’s net worth could reach $50 billion within the next five to seven years.
The key driver will be the planned expansion of the refinery's capacity.
The billionaire has hinted at ambitious plans to potentially double the refinery's capacity to 1.4 million bpd, which would make it the largest in the world.
Furthermore, the announced plan to list 5% to 10% of the refinery’s stake on the Nigerian Exchange (NGX) next year will likely trigger a massive valuation event, injecting new capital and providing a clear market benchmark for the asset’s true worth.
The Dangote Group also plans to intensify its diversification and integration efforts across key African economic regions.
While cement remains a foundational asset, the group is expected to aggressively expand its agricultural and energy footprint, particularly through its fertilizer plant and proposed new ventures like linear alkylbenzene (LAB) and base oils projects.
The drive is to turn Nigeria from a net importer to a major exporter of refined fuel, fertilizer, and petrochemicals, insulating the conglomerate from domestic currency volatility and driving significant export revenues.
Ultimately, Dangote is on track to enter the global top 50 billionaires list within the next two years.
As the refinery fully optimizes its capacity and the market assigns a higher multiple to the operating asset, coupled with the continued dominance of Dangote Cement across West and Central Africa, his net worth is expected to climb rapidly, positioning the African industrialist alongside the world's most powerful magnates.
