The Bloomberg Billionaires Index says the richest man in Africa, Aliko Dangote is on track to close the year at the richest level he has ever been since 2014.
The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of December 3, the richest he has been since 2014 according to the Bloomberg Billionaires Index.
The highest his wealth has touched on the index was $26.7 billion in June 2014.
Robust cement demand and rising prices of the construction material in Africa’s biggest economy have helped boost revenue at Dangote Cement, the tycoon’s main asset.
Dangote is also poised to complete a $19 billion refinery that has the capacity to more than meet Nigeria’s fuel demand, which is currently met by imports.
Dangote, this year, also started exporting fertilizer to the U.S. and Brazil after the completion of a plant with a capacity to produce 3 million tons of urea and ammonia annually.
By Bloomberg
