Written By Lexx Thornton
Nigerian business mogul Aliko Dangote, Africa’s richest man, has achieved a new financial milestone, with his net worth climbing to $30 billion as of October 23. The figure marks a significant $2.16 billion gain since the start of the year, according to data from Bloomberg’s Billionaires Index and Business Insider.Â
Dangote’s fortune saw a rapid surge in recent weeks, growing by an estimated $430 million to push him past the coveted $30 billion threshold. This ascent is primarily fueled by strategic expansion across his massive industrial empire, particularly in cement and oil refining.Â
The latest financial surge coincides with the opening of a major new facility: a $160 million cement plant in Attingué, Côte d’Ivoire, located near Abidjan.Â
The sprawling 50-hectare site boasts an annual production capacity of three million metric tonnes, making it one of Dangote Cement’s largest manufacturing plants outside of Nigeria. This facility expands the Dangote Group’s total cement production capacity across Africa to roughly 55 million tons per year, spread across 11 countries.Â
Dangote Cement is the foundational pillar of the conglomerate, generating roughly $3.7 billion in annual revene. The Group’s origins trace back to a small trading firm founded in 1977, which expanded into major importation ventures before focusing on large-scale domestic manufacturing, including Dangote Cement and Dangote Sugar Refinery.Â
Looking forward, the Nigerian billionaire has announced aggressive plans to expand his nascent oil refining operations. The goal is to double capacity to 1.4 million barrels per day. If successful, the Dangote Refinery would surpass the current world’s largest refinery in Jamnagar, India, which processes 1.36 million barrels daily.Â
The Dangote Oil Refinery began operations in October 2023, initially producing around 370,000 barrels per day of diesel and jet fuel. Following its launch, Bloomberg had ranked Dangote as the 81st richest person globally, with a net worth of $20.4 billion.Â
In addition to industrial expansion, reports suggest the company plans to list 5 to 10 percent of Dangote Cement shares on the Nigerian Exchange (NGX) Limited within the next year, which would further capitalize and expand the Group’s value.Â
Despite periods of volatility—including a dip to $13 billion in mid-2024—Dangote’s wealth has consistently demonstrated resilience, surging back to $27.8 billion by October of that same year. By early 2025, his net worth stabilized around $28 billion, and strong growth in his core cement and refining ventures has continued to push the figure upward.Â