Aliko Dangote, the prolific Nigerian businessman, is ranked as the richest Black man in the world. While being birthed into a wealthy family, Dangote has accumulated his own wealth by becoming the largest exporter of crude oil in Africa and his investments in cement, flour and sugar. Now, Dangote’s wealth has reportedly surged.
Bloomberg reports that the tycoon’s wealth is heading to close out 2021 with a bang.
“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 Dec. 3, the richest he has been since 2014,” the outlet reported.
Aliko Dangote's Wealth Surge
As the founder and owner of 85 percent of Dangote Cement Plc through a holding company, the company leads as his main asset behind his wealth. The cement demand and rising prices of the construction material in Africa’s biggest economy has boosted Dangote Cement’s revenue.
Aliko Dangote's Wealth Flow
According to the outlet, Dangote is set to “complete a $19 billion refinery that has the capacity to more than meet Nigeria’s fuel demand, which is currently met by imports.”
In 2021, Dangote also started exporting fertilizer to the U.S. and Brazil. The new plant is designed to manufacture 3 million tonnes of urea per year, as well as supply all the major markets in sub-Saharan Africa, according to Reuters. Its first shipment went to Louisiana and the majority of the exports are expected to go to Brazil.
“Apart from meeting the domestic demand, we are going to be able to earn quite a lot of money exporting the goods to the South American countries,” Dangote told a virtual economic forum hosted by Qatar.
Earlier in 2021, the Nigerian billionaire added $2.76 billion to his net worth.
As previously reported by AfroTech, Dangote made headlines after the Nigerian cabinet approved its state oil firm, NNPC, to buy a 20 percent share of Aliko Dangote’s oil refinery.