Dangote’s Wealth Doubles to $28B After Nigeria Refinery Launch

AFRICAN BUSINESS AND ECONOMYOctober 21, 2024 at 9:56 AM UTC

TLDR

Aliko Dangote's wealth skyrockets to $27.8 billion with the launch of the Dangote Refinery in Nigeria.
The Dangote Refinery, situated near Lagos, is the largest single-train refinery globally, aiming to achieve fuel self-sufficiency for Nigeria.
Despite facing challenges during its 11-year, $20 billion construction, the refinery has raised issues with the government, state oil company, and environmental impact concerns.

Aliko Dangote, Africa’s wealthiest man, has seen his fortune surge to $27.8 billion, thanks to the launch of his long-awaited oil refinery in Nigeria.

The Dangote Refinery, located outside Lagos, is the largest single-train refinery globally and aims to make Nigeria self-reliant for fuel but faced difficulties during its construction.

The project took 11 years and $20 billion to complete—far longer and more expensive than initially planned. Operational since January, the refinery has sparked disagreements with the government and Nigeria’s state oil company, as well as concerns over its environmental and local impacts.

Key Takeaways

The refinery is the most ambitious project in Dangote’s 46-year career, far surpassing his ventures in cement. Already operating at 60-70% capacity, the facility is expected to reach full production soon. As Nigeria’s state-owned energy firm, Nigerian National Petroleum Corporation has secured a deal to supply crude and distribute the refinery’s gasoline, the refinery could soon reduce Nigeria’s dependence on costly fuel imports.

Nigeria

Business

Dangote Refinery

Oil Production

Energy

Exports