Billionaire Aliko Dangote has seen his wealth nearly double to $23.9 billion, according to Forbes, which now ranks the Nigerian entrepreneur as the richest person in Africa and the 86th wealthiest individual in the world. This marks a significant rise from 2024 when he was ranked 144th globally with a net worth of $13.4 billion.
Forbes attributes Dangote’s soaring wealth primarily to his 92.3% stake in Dangote Petroleum Refinery & Petrochemicals. At 67 years old, he has re-entered the list of the top 100 richest individuals worldwide—a position he last held in 2018, according to the Forbes Real-Time Billionaires List.
This places him significantly ahead of South Africa’s Johann Rupert, who ranks 161st globally with an estimated net worth of $14.4 billion, and well above Mike Adenuga, Nigeria’s second-richest person, who is ranked 481st worldwide with a fortune of $6.8 billion.
Dangote’s Refinery disrupts Nigeria’s oil industry
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Dangote made history by breaking the government’s oil monopoly with the construction of Africa’s largest petroleum refinery. After 11 years, a $23 billion investment, and numerous challenges, the Dangote Refinery commenced operations last year. Spanning a vast 6,200-acre site in the Lekki Free Zone, the refinery, when operating at full capacity, will process 650,000 barrels per day (b/d)—making it the seventh-largest refinery in the world and the biggest in Africa.
Additionally, its adjacent petrochemical complex has an annual production capacity of 3 million metric tons of urea, solidifying its position as Africa’s largest fertilizer producer.
Impact on global energy markets
The Dangote Refinery is already reshaping global energy markets. Nigeria’s petroleum imports are on track to reach an eight-year low, affecting European refiners that have traditionally supplied the country, according to energy intelligence firm Vortexa. Moreover, Nigeria has now 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 envisions the refinery as a key part of his broader ambition to transform Nigeria—one of the world’s largest crude oil producers—into a major hub for refined petroleum products. This shift would enable Nigeria to compete with European refineries while ensuring a stable domestic fuel supply.
A vision for Africa’s industrialization
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In an interview with Forbes, Dangote emphasized his belief that Africa must build its own industries rather than rely on foreign investments.
“I want to provide a blueprint for industrialization across Africa. We have to build our nation by ourselves. We have to build our continent by ourselves, not [rely on] foreign investment,” he said.
According to him, Africa has long been a “dumping ground for finished products”, and his refinery represents a “pivotal step” toward self-sufficiency—one that will create wealth and prosperity across the continent.
Taking the biggest risk of his life
Dangote admitted that the refinery project was the biggest gamble of his career.
“It was the biggest risk of my life,” he stated. “If this didn’t work, I was dead.”
Public perception of Dangote’s achievements
Zainab Usman, Director of the Africa Program at the Carnegie Endowment for International Peace, told Forbes that many Nigerians see Dangote as a hero and true industrialist.
“He is seen in most parts of Nigeria as a hero. He is seen as a real industrialist who builds things,” she said.
Similarly, Chika Ezeanya, a professor of African studies at Soka University of America, echoed this sentiment, emphasizing Dangote’s deep understanding of consumer needs in Africa.
“I think he staunchly believes that Nigerians need the products he offers,” he noted. “Governments can come and go, policies can change, but the needs of the Nigerian consumer will only grow and expand.”
