Aliko Dangote’s net worth has reached a record $36.7 billion, according to Bloomberg data. This reinforces his position as the wealthiest Black person and the richest African.
The $20 billion Dangote Refinery in Lagos and major investments in Dangote Cement continue to drive his wealth growth.
Meanwhile, Dangote Cement is delivering strong results. The company has reported record profits and has now posted over ₦1 trillion in annual profit, marking its best performance ever. 
The company remains a dominant force on the Nigerian stock market. Its shares have risen by 162% over the past year, strengthening investor confidence.
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Key Factors Behind the Increase in Dangote’s Wealth
- Strong demand for construction materials across Africa continues to support the business. Dangote Cement benefits from this demand and maintains a strong market position, which generates steady cash flow.
- Dangote Cement is currently valued at about N20.1 trillion, making it the most valuable company on the Nigerian stock exchange.
- Dangote Refinery has also boosted Nigeria’s energy sector. It now exports about 44,000 barrels of petroleum products daily to regional markets.
- These exports have helped Nigeria become a net petroleum exporter for the first time in decades.
- The refinery now supplies refined products to several West African and East African countries, including Ghana, Togo, Tanzania, Cameroon, and Côte d’Ivoire. This growth has increased the group’s foreign currency earnings.
The company plans to list the refinery through an Initial Public Offering (IPO) by the end of the year, which could reveal a multi-billion-dollar valuation.
Dangote Industries has also signed a $400 million agreement with top engineering firms in Nigeria to expand the refinery. The project aims to double its capacity by 2029.
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