Unlike many of today’s billionaires, Dangote did not build his fortune in software or artificial intelligence, but through basic consumer commodities built: cement, fertiliser, sugar and oil refining – these heavy industries that require billions of dollars and long-term investments.
The rise in his fortunes offers a different blueprint for wealth creation. He started with basic trading, and then moved into manufacturing.
Dangote began his career in the 1970s importing and selling agricultural commodities such as sugar, rice and cement.
But in 1997, he made a major shift. Instead of continuing to import goods, he began building factories to produce them locally, including pasta, sugar, salt and flour. That move into manufacturing changed the scale of his business.
It also aligned with a broader strategy that would define his career: import substitution, producing locally what the country had been importing.
Cement became the foundation of his empire
The majority of Dangote’s fortune before the refinery came from cement.
He built Dangote Cement into Africa’s largest producer, with operations in 10 African countries. He owns 86% of the company, giving him strong control and direct exposure to its growth.
In 2005, he expanded aggressively by constructing a large manufacturing plant. The project was financed with $319 million of his own money and a $479 million loan from the International Finance Corporation (IFC), a member of the World Bank Group.
That expansion transformed Dangote Cement into a regional industrial giant.
Rather than diversify early, he deepened his dominance in a sector tied directly to housing, roads and infrastructure.
Dangote has consistently said he prefers to invest rather than keep money idle.
In an interview with Al Jazeera, he explained: “We [Dangote Group] are not doing like other Africans who keep most of their money in the bank. We do not keep money in the bank. We fully invest whatever we have and we keep on investing.”
This philosophy explains the scale of his projects. Instead of holding cash, he built factories, expanded production lines and eventually launched one of the largest refinery projects in the world.
The $20 billion refinery changed everything
Dangote’s most ambitious project is the $20 billion Dangote Oil Refinery in Lagos.
He owns 92.3% of the refinery, which recently started operating at full capacity, processing 650,000 barrels per day, making it the largest refinery in Africa and one of the largest single-train refineries globally.
For decades, Nigeria exported crude oil but imported refined fuel, spending billions annually. The refinery was designed to reduce that dependence and potentially end fuel imports estimated at around $7 billion per year.
Next to the refinery sits a petrochemical complex with the capacity to produce 3 million metric tonnes of urea annually, making it Africa’s largest fertiliser producer.
The project faced years of delays and heavy borrowing. But it positioned Dangote at the centre of Nigeria’s energy supply chain.
He has criticised wealth without industry
Dangote has openly criticised wealthy Nigerians who focus on luxury consumption rather than industrial investment.
Speaking to journalists in December 2025, he said:
“If you have money for Rolls-Royce, you should go and put up an industry in your locality, or anywhere in part of Nigeria, wherever that you feel there is a need.”
He added:“Everybody has a private jet. Those private jets should be in industries, so that we can create jobs.”
He has argued that Nigeria cannot develop through imports alone, saying importation amounts to “importing poverty and exporting jobs.”
His own strategy reflects that belief: build locally, scale production, reduce reliance on foreign suppliers.
Dangote’s wealth has also grown because he retained large stakes in his companies.
Beyond Dangote Refinery, Cement, he holds significant stakes in Dangote Sugar, Nascon Allied Industries and other businesses under Dangote Group.
Because he owns large portions of his businesses, increases in asset value directly raise his personal net worth, helping explain the $1.89 billion increase in 2026 alone.
A different model of billionaire wealth
Many of the world’s richest individuals built fortunes through tech platforms.
Dangote built his through cement kilns, fertiliser plants and a refinery.
His $31.9 billion fortune shows decades of reinvestment, industrial expansion and strong ownership control.
It is a reminder that in emerging markets, control of essential goods, housing materials, fuel, fertiliser and food inputs, can generate enormous wealth.
And in Dangote’s case, it did so without writing a single line of code.
