Aliko Dangote, the president of Dangote Industries Limited, has witnessed a remarkable surge in his wealth, reaching a staggering $27.8 billion nearly double his previous net worth. This significant increase follows the operationalization of his multibillion-dollar oil refinery, as reported by the Bloomberg Billionaires Index.
As of October 18th 2024, Dangote’s net worth jumped by 15.1 billion, elevating him to 65th position in the global billionaire rankings and making him the only African in the top 100. His recent ascent marks a notable leap of over 40 spots from his position at 111th just a few months prior, on June 30, 2023.
The boost in Dangote’s fortune is attributed to the successful inauguration of his refinery in May 2023, which boasts a capacity of 650,000 barrels per day and spans 2,635 hectares in the free zone area of Ibeju-Lekki, Lagos.
While diesel production commenced on January 12, the launch of petrol production was delayed until September 3 due to various challenges, including difficulties in securing crude supply. To mitigate these issues, Dangote’s refinery resorted to importing crude oil from countries like Brazil and the United States after local oil companies struggled to meet demand.
On July 29, a crucial intervention by President Bola Tinubu led to the federal executive council approving the sale of crude oil to Dangote’s refinery and other facilities in naira.
This decision paved the way for the official commencement of crude oil and refined product sales in naira, announced by the Nigerian government on October 5.
Both the refinery and the national oil firm are now actively trading in naira, signaling a significant shift in Nigeria’s oil trade landscape.
