Dangote’s net worth doubles as refinery begins operations

Aliko Dangote, Nigerian billionaire and Chief Executive Officer of Dangote Refinery, has seen his fortune rise significantly to $28 billion, driven by the launch of operations at his long-awaited oil refinery.

According to the Bloomberg Billionaires Index, the inauguration of Nigeria’s state-of-the-art refinery has propelled Dangote’s wealth to new heights, underscoring the economic potential of the project.

Located within the Lekki Free Trade Zone in Ibeju-Lekki, Lagos, the refinery is the largest single-train oil processing facility in the world, designed to handle a variety of crude grades from across the globe.

“It has the potential to transform Nigeria’s economy by making the country self-sufficient in fuel production. And it has more than doubled his net worth to $27.8 billion,” Bloomberg reported.

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The refinery’s operation is expected to significantly alter the dynamics of Nigeria’s energy sector, with hopes that it will reduce or eliminate the country’s reliance on imported fuel.

Industry experts anticipate further growth in Dangote’s wealth as the refinery scales production and expands its output. The billionaire aims to capture a significant share of Nigeria’s domestic fuel market while exporting refined products to other African countries.

At 67, Dangote has accumulated most of his fortune through an 86% stake in Dangote Cement, valued at over $9 billion, with operations spanning 10 African countries. His conglomerate, the Dangote Group, also has investments in food production, fertiliser manufacturing, and real estate.