Dangote's Wealth Doubles to $28 Billion on 'Monster' Nigeria Oil Project

The completion and operation of the Dangote Refinery, Africa's largest single-train refinery, have significantly contributed to the doubling of Aliko Dangote's net worth to $28 billion. The refinery, which began operations in January 2024, has the capacity to process most global crude types and transform Nigeria's economy by making the country self-reliant for fuel.


Dangote's strategic investment in the oil sector has been a driving force behind his wealth increase. The refinery, built at a cost of $20 billion, took 11 years to complete and is now the most complex and largest single-train refinery in the world. The project faced numerous challenges, including land issues, Covid-19 lockdowns, and resistance from local residents. Despite these obstacles, Dangote's determination and business acumen led to the successful completion of the refinery.

The refinery's operation has not only boosted Dangote's wealth but also has the potential to transform Nigeria's economy. It has the capacity to produce 650,000 barrels per day of refined petroleum products, including gasoline, diesel, jet fuel, and naphtha, for domestic use and export. This will help Nigeria reduce its dependence on imported refined products and save the country billions of dollars in foreign exchange.


Dangote's political connections and business acumen have been crucial in navigating the complex Nigerian business environment. His close relations with Nigeria's leaders have supported his economy-boosting factories, including the Dangote Refinery. However, the cooling relationship with the current President Bola Tinubu has coincided with Dangote's increasingly blunt tone regarding the state-owned NNPC and the "mafia in oil."

The economic and market conditions in Nigeria and Africa at large have facilitated Dangote's wealth expansion. Nigeria is Africa's biggest oil producer but has a dearth of functioning domestic refineries, leading to a wasteful loop of exporting crude, refining it abroad, and then re-importing it as fuel. The Dangote Refinery addresses this paradox and has the potential to make Nigeria self-reliant for fuel.

In conclusion, the completion and operation of the Dangote Refinery have significantly contributed to the doubling of Dangote's wealth to $28 billion. The refinery's scale and complexity have not only boosted Dangote's fortune but also have the potential to transform Nigeria's economy and reduce its dependence on imported refined products. Dangote's business acumen, political connections, and the favorable economic conditions in Nigeria have all played a role in this remarkable achievement.