The development represents a $2.16 billion year-to-date gain, boosted by a recent $430 million valuation surge that pushed the Nigerian industrialist’s fortune past the symbolic threshold. Just days earlier, Dangote’s net worth stood at $29.8 billion—only $200 million short of the mark.
The billionaire’s wealth growth has been closely tied to the continued expansion of his industrial empire, particularly through Dangote Cement and the Dangote Refinery. A major contributor to the latest valuation spike was the completion of a $160 million cement plant in Attingué, about 30 kilometres north of Abidjan, Côte d’Ivoire.
Spanning 50 hectares, the new facility has an annual production capacity of three million metric tonnes, ranking among the company’s largest plants outside Nigeria. With this addition, Dangote Cement’s installed capacity across Africa now stands at about 55 million tonnes per year, spread across 11 countries.
Beyond cement, Dangote has also turned his attention to scaling up operations in the oil and gas sector. He recently announced plans to expand refining capacity to 1.4 million barrels per day, which would surpass the world’s current largest refinery—India’s Jamnagar plant, operated by Reliance Industries, with 1.36 million barrels per day.
Reports suggest that within the next year, the Dangote Refinery plans to list between 5% and 10% of its shares on the Nigerian Exchange (NGX), opening the company to public investors for the first time.
Since commissioning the $20 billion refinery in May 2023, which began production in October of that year with a daily output of 370,000 barrels of diesel and jet fuel, Dangote’s financial trajectory has been notably dynamic.
In October 2023, Bloomberg ranked him as the 81st richest person in the world, with a net worth of $20.4 billion. However, his fortune experienced several fluctuations before rebounding strongly.
At the start of 2024, South African billionaire Johann Rupert briefly overtook him, with Rupert’s $10.3 billion edging out Dangote’s $9.5 billion. But by late January, Dangote had reclaimed the top spot, crossing the $20 billion threshold after a $282 million valuation boost and a $6.91 billion year-to-date gain.
Though market movements saw his wealth dip mid-2024—falling from $13.8 billion in July to $13 billion in October—it recovered sharply to $27.8 billion by year-end. By August 2025, his net worth rose to $29.3 billion, culminating in his entry into the $30 billion club this October.
Dangote’s latest financial ascent underscores his deepening influence across Africa’s industrial and energy landscape. From cement to petrochemicals and refining, his ventures continue to redefine the continent’s manufacturing base—cementing his reputation not just as Africa’s richest man, but as one of its most transformative business figures.