Aliko Dangote, president of Dangote Industries Limited, has seen his wealth skyrocket to $27.8 billion, nearly doubling his previous net worth. This dramatic increase is primarily attributed to the operationalization of his multibillion-dollar oil refinery, as detailed in the Bloomberg Billionaires Index.
As of October 18, 2024, Dangote’s net worth surged by $15.1 billion, propelling him to the 65th position in the global billionaire rankings, making him the only African in the top 100. His ascent is notable, having jumped over 40 spots from 111th on June 30, 2023.
The refinery, inaugurated in May 2023, has a capacity of 650,000 barrels per day and spans 2,635 hectares in the Ibeju-Lekki free zone of Lagos. While diesel production began on January 12, petrol production faced delays, starting only on September 3 due to challenges in securing crude oil supplies. To address this, Dangote’s refinery began importing crude from countries like Brazil and the U.S. after local suppliers fell short.
A significant development occurred on July 29 when President Bola Tinubu’s administration approved the sale of crude oil to Dangote’s facility in naira, facilitating the official commencement of crude and refined product sales in the local currency. This marks a pivotal shift in Nigeria’s oil trade dynamics, with both the refinery and the national oil firm now trading in naira.
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