Table of Contents
Key Points
- Africa’s richest man gained $213 million in 2025, driven by his stakes in Dangote Cement and his expanding refinery operations.
- Dangote Refinery’s output has cut Nigeria’s gasoline imports to an eight-year low, turning the country into a net exporter of refined fuels.
- Dangote Refinery, now running at 85% capacity, is set to reach 650,000 b/d next month, reshaping Africa’s fuel market and global trade.
After reaping early rewards from his $23 billion investment in the Dangote Refinery, which propelled his fortune to $28.1 billion in 2024, Africa’s richest man, Aliko Dangote, has carried that success into 2025. His net worth has climbed by another $213 million this year, solidifying his position at the top of Africa’s wealth rankings.
Dangote’s net worth hits $28.3 billion
According to the Bloomberg Billionaires Index, which tracks the world’s 500 richest individuals, Dangote’s fortune has risen from $28.1 billion on Jan. 1 to $28.3 billion at the time of this report. The increase is tied to his 86 percent stake in Dangote Cement Plc, Africa’s largest cement producer, which has gained nearly $200 million in value this year.
The recent surge in the market value of his stake in Dangote Cement is tied to the recent appreciation of the Nigerian naira against the U.S. dollar and a 250-basis-point increase in its share price. The company’s market capitalization now stands at more than $5.3 billion.
Beyond cement, Dangote’s $19 billion refinery—Africa’s largest—has ramped up production since launching last year. By mid-2024, it was processing 350,000 barrels per day (b/d), a figure that climbed to 500,000 b/d in January 2025. Next month, it’s expected to reach full capacity at 650,000 b/d, cementing its place as the seventh-largest refinery in the world.
Dangote refinery cuts Nigeria’s fuel imports
The impact on Nigeria’s energy sector has been dramatic. The refinery has sharply reduced the reliance on imported fuel, forcing European refiners to seek new buyers. Energy intelligence firm Vortexa reports that Nigeria’s gasoline imports have dropped to an eight-year low. The country has even become a net exporter of jet fuel, naphtha, and fuel oil, according to S&P Global.
Dangote stays involved in operations, frequently visiting the refinery and working closely with his team. His next plans include building a subsea pipeline to transport natural gas from the Niger Delta to Lagos, expanding fertilizer production, and eventually taking the refinery public within two years. “I’ve been fighting battles all my life, and I have not lost one yet,” he stated.
His vision is to transform Nigeria from a crude exporter into a fuel producer. After decades of unsuccessful government-led refinery projects that left Nigeria dependent on European imports and burdened by fuel subsidies, Dangote’s refinery now runs at 85 percent capacity despite facing crude supply challenges.
Dangote Refinery scales up fuel exports
Edwin Devakumar, the refinery’s head, noted that output might reach full capacity within a month. To ensure steady operations, Dangote is adding eight crude storage tanks—four of which are nearly complete—boosting the storage capacity by 41.67 percent to 3.4 billion liters.
Beyond its domestic impact, the refinery is also reshaping global markets by exporting diesel and aviation fuel to Cameroon, Angola, Ghana, and South Africa. Its recent jet fuel supply to Saudi Aramco, the world’s largest oil producer, highlights its growing international reach.
