Dangote Net Worth Jumps $1.57 Billion in 2022

The net worth of Alike Dangote, Africa’s richest man and the richest black man alive, rose by $1.57 billion from the year-to-date, according to the latest report from Bloomberg.

Dangote net worth grew by 27.7% from $16.2 billion on May 26, 2021 to $20.7 billion on May 3, 2022. The 65-year-old industrialist and philanthropist owned a 86% stake in Nigeria’s most capitalised public traded company, Dangote Cement Plc.

Dangote also holds stake in Dangote Sugar and invested in other publicly traded companies like Nascon allied Industries and United Bank for Africa.

Checks by Investors King showed despite losing $25 million in the last 24 hours, the billionaire has made $300 million in the last seven days. Still, Dangote’s present net worth does not include his $20.5 billion oil refinery and fertilizer complex. Suggesting that the billionaire could be worth about $50 billion.

Dangote is currently building the world’s largest crude oil refinery, the third-largest fertiliser company in the world and the second-largest producer of urea in Nigeria, Africa’s largest economy.

Ranked 67th richest man in the world, Dangote fertiliser plant has a production capacity of 3 million tonnes per year while his oil refinery could refine about 650,000 barrels of crude oil per day.

Launched on Tuesday, March 22, 2022, the $2.5 billion fertiliser plant is expected to generate over $400 million in foreign exchange annually and help ease some of Nigeria’s chronic forex scarcity.

According to President Muhammadu Buhari, who was present during the launching of the plant, the project will help advance Nigeria’s food self-sufficiency plans and enhance the country’s foreign revenue generation from excess production.

“This fertilizer plant is expected to further advance our administration’s drive toward achieving self-sufficiency in food production in the country,” President Muhammadu Buhari stated.

“The nation also stands to gain extensively in earnings of foreign exchange from the excess production and exports from the plant.”

Dangote is now positioned to dominate Nigeria’s refined petroleum products sector and become the largest foreign exchange earner once his crude oil refinery commences operation in the third quarter of 2022.