Africa’s richest man, Aliko Dangote, has seen his net worth rise amid recent demands on his cement company, Dangote Cement, and the recently completed fertilizer plant.
According to a Bloomberg report, his fortune rose to $ 20.1 billion last Friday. Bloomberg’s Billionaires Index puts his net worth at $ 26.27 billion.
His net worth soared due to the spike in the price of his Dangote Cement.
Rising oil and fertilizer prices also helped bolster his fortunes. It’s his biggest net worth since 2014, Bloomberg reports.
Strong demand for cement and rising prices for building materials in Nigeria have helped boost revenues for Dangote Cement, one of its main assets.
The 64-year-old is about to complete construction of a $ 19 billion refinery capable of supplying Nigeria with refined petroleum products.
Dangote also began exporting fertilizers to the United States and Brazil after the completion of the fertilizer plant with a production capacity of 3 million tonnes of urea and ammonia per year.
Some African nations worth less than Dangote ?
However, as of August 12, 2021, Dangote’s real-time net worth according to Forbes was $ 12.5 billion, but Bloomberg reported on Friday December 3 that the business magnate has been more successful recently.
If Bloomberg’s figures are correct, Dangote would be less wealthy than only 20 independent African countries, out of 54.
If he were a country, he would occupy 21st position in the ranking of the richest African countries, according to VON Digest.
The businessman would therefore be richer than Burundi, Somalia, Burkina Faso, Central African Republic, Mozambique and many other countries.
Aliko Dangote was born into a wealthy Muslim family of traders in the north of the country. He started his own business and started selling cement at the age of 21. He switched to manufacturing building materials in the 1990s.
Source: News Agencies