African billionaire Aliko Dangote is wealthier than ever now that his long-awaited Nigerian oil refinery is up and running.
The Dangote Refinery outside Lagos is the biggest oil refinery in the world, capable of processing most global crude types. It has the potential to transform Nigeria’s economy by making the country self-reliant for fuel. And it’s more than doubled Aliko Dangote net worth to $27.8 billion, according to the Bloomberg Billionaires Index.
For Dangote, who made his first billions in cement, the refinery was the most audacious undertaking of his 46-year career. Building it took 11 years and $20 billion, three-and-a-half times as long and more than twice as much as initially planned. He financed most of it himself.
The bedrock of Aliko Dangote’s empire is commodities: mainly cement but also sugar, salt and flour, and currently Aliko Dangote’s wealth may only rise higher due to the large dependency on petroleum products globally, making Aliko Dangote a major player in the oil industry not just in Nigeria and but the world at large.
