Billionaire Aliko Dangote became the richest person in Africa and the 86th richest person in the world after his wealth increased by 100% to $23.9 billion.As you may remember, in 2024, Forbes listed Aliko Dangote as the 144th richest person in the world, holding $13.4 billion.

Because of his 92.3 percent ownership in Dangote Petroleum Refinery & Petrochemicals, Forbes estimates Dangote’s net worth to be $23.9 billion. According to the Forbes Real-Time Billionaires List, Dangote, who is 67 years old, is once again among the top 100 richest people in the world, a position he hasn’t had since 2018.

This puts him considerably ahead of Mike Adenuga, the second richest person in Nigeria and 481st in the world with a net worth of $6.8 billion, and much ahead of South African Johann Rupert, who is placed 161st in the world with an estimated wealth of $14.4 billion.

Dangote built Africa’s biggest petroleum refinery, upending the government’s oil monopoly. Last year, the Dangote Refinery started up after 11 years, a $23 billion investment, and several obstacles. When operating at full capacity, the refinery would process an astounding 650,000 barrels per day (b/d), ranking it as the largest refinery in Africa and the ninth largest in the world.

Africa’s largest fertilizer producer is the refinery’s nearby petrochemical complex, which can generate three million metric tons of urea annually.

“The company is already having a significant impact on global energy markets,” stated Dangote Refinery. According to energy intelligence firm Vortexa, petroleum imports into Nigeria are expected to hit an eight-year low, which will have an impact on European refiners who have historically exported to Nigeria. Additionally, S&P Global reports that Nigeria is now a net exporter of fuel oil, jet fuel, and naphtha, a solvent used in varnishes, laundry soaps, and cleaning solutions.

According to Dangote, the refinery is a component of a bigger plan to turn Nigeria, one of the biggest producers of crude oil worldwide, into a significant producer of refined petroleum products. Nigeria will be able to offer gasoline to Nigerian customers and compete with European refineries as a result.

“I want to provide a blueprint for industrialization across Africa,” Dangote stated. We must construct our country on our own. Our continent must be developed alone; we cannot depend on outside funding.

According to him, Africa has historically been a place where finished goods are dumped, and the Dangote Refinery is a crucial step toward enabling the continent to process its own crude oil, which will benefit its enormous population by bringing riches and development.

According to Zainab Usman, director of the Carnegie Endowment for International Peace’s Africa Program, Dangote is viewed as a hero in most sections of Nigeria and is a true industrialist who is changing the nation. He is regarded as a true builder and industrialist.

This opinion was also supported by Chika Ezeanya, an African studies professor at the Soka University of America, who pointed out that Dangote is satisfying the demands of customers on the continent.

“I believe he firmly believes that Nigerians need the products he has to offer.” Policies and governments may change, but Nigerian consumers’ wants will only increase, according to Ezeanya.