Africa’s richest man, Aliko Dangote, is on track to attain his highest wealth level in seven years after making N968 billion in the last 11 months
Bloomberg reports that Dangote wealth hit $20.1 billion (N8.4 trillion) at the close of business on Friday.
The Nigerian net worth on the Bloomberg billionaire index was $26.7 billion achieved in June 2014.
The rising share price of his Dangote Cement Plc and higher oil and fertilizer prices helped boost the 64-year-old Nigerian businessman’s wealth by as much as $2.3 billion this year to $20.1 billion as of Dec. 3, the richest he has been since 2014 according to the Bloomberg Bilionaires Index. The highest his wealth has touched on the index was $26.7 billion in June 2014.
Robust cement demand and rising prices of the construction material in Africa’s biggest economy have helped boost revenue at Dangote Cement, the tycoon’s main asset. Dangote is also poised to complete a $19 billion refinery that has the capacity to more than meet Nigeria’s fuel demand, which is currently met by imports.
Dangote, this year, also started exporting fertilizer to the U.S. and Brazil after the completion of a plant with a capacity to produce 3 million tons of urea and ammonia annually.
Only 20 countries out of 54 independent countries in Africa are richer than Dangote with a net worth of $20.1bn, the Africa will be on number 21, comparing to other African countries