Africa’s richest businessman, Aliko Dangote, has made history by becoming the first African to reach a $30 billion net worth, according to the Bloomberg Billionaires Index. As of 23 October 2025, his fortune surpassed this remarkable milestone, driven by the rapid expansion of his industrial empire across cement, oil refining, fertiliser, and manufacturing sectors. Dangote’s financial rise reflects Africa’s growing influence in global markets, as his businesses continue to boost production capacity and create jobs across the continent. With major projects like the Dangote Oil Refinery and cement plants across 11 African nations, he remains a symbol of industrial progress and economic transformation for Africa.
Africa’s richest man: How Dangote’s growing cement business helped him reach $30 billion
Dangote’s journey to $30 billion marks a defining moment for African business. His net worth surged by $2.16 billion year-to-date, with an additional $430 million gain recently recorded. This leap makes him not only Africa’s richest man but also one of the world’s wealthiest individuals, placing the continent firmly in the global wealth spotlight as reported by Vanguard News.In early October, Bloomberg reported Dangote’s fortune at $29.6 billion, increasing steadily until it broke the $30 billion barrier. This upward trajectory reflects the expansion of his industrial ventures and the renewed value of his companies across Africa. A key driver behind Dangote’s rising fortune is his cement business, the foundation of his industrial success. Dangote Cement, one of Africa’s largest publicly listed companies, continues to grow its production capacity across the continent.In Côte d’Ivoire, the group recently completed a $160 million cement plant in Attingué, roughly 30 kilometres north of Abidjan. The 50-hectare facility produces three million metric tonnes annually, boosting the company’s total installed capacity in Africa to around 55 million tonnes per year across 11 countries.
Dangote refinery fuels massive wealth surge and promises to transform Nigeria’s oil industry
Perhaps the biggest factor propelling Dangote’s fortune is the Dangote Oil Refinery, one of the world’s largest private refining projects. Commissioned in May 2023 and located in the Lekki Free Zone in Lagos, Nigeria, the refinery began operations later that year, initially refining 370,000 barrels per day of diesel and jet fuel.Following its launch, Bloomberg ranked Dangote as the 81st richest person globally with a net worth of $20.4 billion. However, as operations expanded, the refinery’s valuation soared, helping drive his wealth upward.Dangote has since announced plans to double refining capacity to 1.4 million barrels per day, potentially surpassing the 1.36 mbpd Jamnagar Refinery in India, the current world leader. Within a year, he also intends to list 5 – 10% of refinery shares on the Nigerian Exchange (NGX), opening up new investment opportunities for institutional and retail investors.This move could reshape Nigeria’s oil industry by reducing dependence on imports, saving foreign exchange, and creating thousands of local jobs.
Dangote’s road to $30 billion shows his strength through ups and downs
Dangote’s rise to $30 billion has not been without setbacks. In early 2024, South African billionaire Johann Rupert briefly overtook him with a net worth of $10.3 billion, while Dangote’s stood at $9.5 billion. Yet within weeks, Dangote reclaimed the top spot, his net worth surpassing $20 billion after a $6.91 billion increase in January alone.By July 2024, his fortune dipped to $13.8 billion before rebounding to $27.8 billion in October. By early 2025, Bloomberg’s index placed him at $28.1 billion, and by mid-2025, despite slight market fluctuations, his wealth rose again to cross the $30 billion threshold. Such fluctuations underline the dynamic nature of his diversified empire tied to commodity prices, currency values, and industrial performance but also reveal Dangote’s resilience and long-term strategy.Also Read | Kenya’s sacred Mrima Hill turns into a real-world ‘Avatar’: The hidden $62 billion mineral war drawing in the US and China
