Africa’s richest man, Aliko Dangote, has reached a brand new milestone in his monetary empire. Dangote’s web value climbed to $30 billion as of Oct. 23 — a $2.16 billion achieve because the begin of the 12 months, in response to Bloomberg’s Billionaires Index and Enterprise Insider.
The index exhibits that Dangote’s wealth not too long ago grew by one other $430 million, pushing him over the symbolic $30 billion threshold. Only a few weeks in the past, his fortune stood at $29.6 billion, and as of yesterday, he was solely $200 million wanting reaching that determine.
The Nigerian businssman started his business trip with the Dangote Group, a small buying and selling agency that imported sugar, salt, and different meals merchandise. In 1981, he expanded his ventures by founding Dangote Nigeria Restricted and Blue Star Companies, each specializing within the importation of rice, metal, and aluminum. He later launched Dangote Cement, which at present generates roughly $3.7 billion in annual income. His Dangote Sugar Refinery is among the many largest sugar producers in Nigeria and throughout the continent.
Dangote’s newest monetary surge coincides with the inauguration of a $160 million cement facility in Attingué, Côte d’Ivoire, positioned roughly 30 kilometers north of Abidjan.
The sprawling 50-hectare website boasts a manufacturing capability of three million metric tonnes yearly, making it one in all Dangote Cement’s largest manufacturing vegetation exterior of Nigeria.
The brand new facility expands Dangote Group’s cement manufacturing capability throughout Africa to roughly 55 million tonnes per 12 months, unfold throughout 11 nations.
Past cement, Dangote’s enterprise empire continues to broaden. Studies counsel that throughout the subsequent 12 months, the corporate plans to checklist 5 to 10 % of its shares on the Nigerian Alternate (NGX) Restricted.
The billionaire has additionally introduced daring plans to develop his oil refining operations, aiming to double capability to 1.4 million barrels per day. If realized, the Dangote Refinery would surpass the world’s largest refinery in Jamnagar, India, which processes 1.36 million barrels day by day.
Based in Could 2023, the Dangote Oil Refinery started operations that October, initially producing round 370,000 barrels per day of diesel and jet gasoline. Following its launch, Bloomberg ranked Dangote because the 81st richest individual globally, with a web value of $20.4 billion on the time.
Regardless of durations of fluctuation – together with a dip to $13 billion in mid-2024 – Dangote has constantly bounced again. His wealth surged dramatically later that 12 months, leaping from $13 billion to $27.8 billion by October.
By early 2025, Dangote’s web value stabilized round $28 billion and has steadily elevated since, fueled by development throughout his cement and refining ventures.
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