Olufemi Adeyemi

A powerful mix of currency appreciation, rising external reserves, and a red-hot equities market is reshaping Nigeria’s wealth landscape in early 2026. The strengthening naira and a surging Nigerian Exchange (NGX) have combined to create what analysts describe as a “perfect storm” for the country’s leading industrialists—particularly Aliko Dangote and Abdul Samad Rabiu.

Within just weeks of the new year, both billionaires have recorded staggering gains, underscoring how macroeconomic shifts can dramatically reprice fortunes tied closely to domestic assets.

Currency Strength Revalues Local Fortunes

The Nigerian naira has staged a remarkable comeback, climbing to a two-year high of around N1,350 per dollar. This resurgence has been underpinned by a significant rise in Nigeria’s gross external reserves, which recently hit $49 billion—an eight-year peak. With stronger reserves, the Central Bank of Nigeria (CBN) has gained greater capacity to stabilize the currency and manage liquidity.

Higher crude oil receipts and sustained diaspora remittances have improved dollar inflows into Africa’s most populous nation. Meanwhile, reforms such as the re-engagement of Bureau De Change (BDC) operators and the rollout of the Electronic Foreign Exchange Matching System (EFEMS) have narrowed the gap between official and parallel market exchange rates.

For billionaires whose wealth is largely denominated in naira-based assets, currency appreciation translates directly into higher dollar valuations. As the naira strengthens, the global net worth of Nigeria’s wealthiest climbs—even without new asset acquisitions.

Dangote’s Refinery Milestone Reshapes the Landscape

Nowhere is this dynamic more visible than in the fortune of Aliko Dangote, whose net worth has risen by roughly $1.84 billion year-to-date, bringing it to about $31.8 billion. He has comfortably re-entered the exclusive $30 billion club.

A major driver behind this surge is the operational success of the Dangote Refinery, which recently achieved full nameplate capacity of 650,000 barrels per day (bpd). The refinery announced it had optimized 100% operational capacity of its Crude Distillation Unit (CDU) and Motor Spirit (MS) block—marking a historic milestone for a single-train refinery of its scale.

The numbers are striking:

  • Full Capacity: 650,000 bpd crude processing
  • Petrol Output: Up to 75 million liters of Premium Motor Spirit (PMS) daily—well above Nigeria’s estimated domestic demand of about 50 million liters
  • Rapid Ramp-Up: After a brief maintenance window in late January 2026, crude throughput surged from 170,000 bpd on February 8 to full capacity within days

Markets are now closely watching the anticipated listing of the refinery on the Nigerian Exchange. Analysts believe the IPO could become one of the most consequential capital market events in African history. Projections suggest total market capitalization on the NGX could double beyond N150 trillion, especially if the refinery’s valuation meets expectations.

Some forecasts even suggest Dangote’s wealth could approach $50 billion in the coming years if market momentum and operational performance are sustained.

Rabiu’s Return to the Global Elite

While Dangote’s refinery captures headlines, Abdul Samad Rabiu has quietly staged an equally impressive comeback. With year-to-date gains of roughly $1.2 billion, his fortune now stands at approximately $11.4 billion, securing his return to the Bloomberg Billionaires Index top 500. He currently ranks around 302nd globally and remains Nigeria’s second-richest individual.

Rabiu’s wealth is anchored in his controlling stakes in BUA Foods and BUA Cement. Of these, BUA Foods has emerged as the standout performer.

Now the most valuable listed company on the Nigerian Exchange, BUA Foods commands a market capitalization of approximately N14.4 trillion—surpassing even Dangote Cement. Rabiu owns about 92.6% of BUA Foods, a stake valued at nearly $9.5 billion alone.

The company’s financial performance has been extraordinary. In 2025, BUA Foods posted its highest-ever net profit, exceeding N500 billion. The surge was fueled by new, modern production lines in Port Harcourt and strong margins across its core food segments. Its consistently high-margin growth has outpaced the broader market, positioning Rabiu as arguably the wealthiest individual on the Nigerian stock exchange by local asset value.

A Broader Economic Signal

The rapid rise in fortunes of these industrial giants reflects more than personal success—it mirrors structural improvements in Nigeria’s macroeconomic environment. A stronger naira, improved foreign exchange liquidity, surging equity valuations, and easing inflation—projected to fall toward 13–15% by year-end—are collectively restoring investor confidence.

The NGX has emerged as one of the world’s top-performing exchanges in early 2026, drawing renewed domestic and international interest. Should current trends persist, Nigeria may be entering a new cycle of capital formation and industrial expansion—led by homegrown conglomerates with continental ambitions.

For now, the combination of currency strength, refinery output milestones, and corporate profit explosions has dramatically redefined the wealth map at the top of Africa’s largest economy.