Currently, Aliko Dangote’s net worth has dropped to $29.1 billion, with his latest change in valuation, as per Bloomberg’s index, coming in at +$4.24 million, and his year-to-date change standing at +$1.08 billion.
In contrast, his net worth had increased by $2.16 billion year-to-date in October, with a last change valuation of +$430 million at the time, pushing him to the elusive $30 billion club.
The surge resulted from investor confidence following the notification that Dangote intends to increase the production capacity of his oil refinery from 650,000 barrels per day to 1.4 million barrels per day.
The investor confidence also followed the inauguration of a $160 million cement plant in Attingué, roughly 30 km north of Abidjan, Côte d’Ivoire.
The 50-hectare facility was said to have the capacity to yield three million metric tonnes of cement annually, positioning it as one of the company’s most substantial sites located outside Nigeria.
Given the trend of his net worth increasing in tandem with investor confidence, a further increase to his net worth is expected; however, this does not appear to be the case.
In the time Dangote’s net worth increased to $30 billion till now, the Nigerian billionaire has announced several significant projects, some of which are expected to alter Africa’s economy as a whole.
Dangote’s recent projects
Barely a week after Dangote’s net worth hit $30 billion, he announced plans for a major return to Zimbabwe with plans for a US$1 billion industrial complex that will integrate cement production, coal mining, and power generation.
Initial engagement between Dangote’s representatives and Zimbabwean officials reportedly took place during the Afreximbank Annual Meetings in Abuja in June.
In November, the Dangote Petroleum Refinery announced a historic production milestone, with a combined daily output of 70 million litres of petrol and diesel – 45 million litres of petrol and 25 million litres of diesel – exceeding Nigeria’s domestic fuel consumption.
A little over a week later, Dangote Fertiliser Limited revealed that it intends to build four new urea granulation units in partnership with a subsidiary of Germany’s Thyssenkrupp, a move that could triple its production capacity and position the company among the world’s largest urea producers.
With more than $700 million already invested in various growth programs, Dangote Sugar Refinery announced, also in November, that it would be stepping up its long-term goal to reduce Nigeria’s reliance on imported raw sugar.
Group CEO Ravindra Singhvi stated that the investments are a strategic pillar of Nigeria’s broader sugar backward integration framework and that the company is accelerating field development and factory expansion as it aims to produce up to 1.5 million metric tonnes of refined sugar per year in the coming years.
The sugar subsidiary’s financial performance has also improved dramatically.
Aliko Dangote announced at the 19th Annual General Meeting that income increased by 51% to ₦665.6 billion in 2024, from ₦441.5 billion in 2023.
