Nigerian billionaire Aliko Dangote has seen his net worth nearly double to $23.9 billion, making him the wealthiest person in Africa and 86th in the world. This significant boost in wealth comes primarily from his 92.3% stake in the Dangote Petroleum Refinery & Petrochemicals, which has been a game-changer in the global energy market.

Just a year ago, in 2024, Forbes ranked Dangote 144th in the world with a net worth of $13.4 billion. However, with his businesses expanding and his refinery now up and running, Dangote's wealth is expected to continue climbing higher. This places him significantly ahead of South African Johann Rupert, who is ranked 161st in the world with an estimated wealth of $14.4 billion, and far above Mike Adenuga, who is the second richest in Nigeria and 481st in the world, with a net worth of $6.8 billion.

Dangote's business empire is built on a foundation of smart and diversified investments. He owns 85% of publicly traded Dangote Cement, a business that produces 48.6 million metric tons annually and operates in ten African countries. In March 2022, his long-anticipated fertilizer plant in Nigeria finally began operations, further expanding his influence in industrial manufacturing and export markets.

The Dangote Refinery, with a capacity of 650,000 barrels per day, has disrupted the global energy market. Experts at OPEC have noted that the refinery could disrupt the long-standing $17 billion-per-year gasoline trade from Europe to Africa, marking a historic shift in global energy flows. The refinery is already making waves in the global energy market, with Nigeria's petroleum imports set to hit their lowest level in eight years, disrupting European refiners that have long supplied the country.

Additionally, S&P Global reports that Nigeria has now become a net exporter of jet fuel, naphtha, a key ingredient in varnishes, laundry soaps, and cleaning fluids, and fuel oil. The Dangote Refinery's impact on the global energy market is expected to continue growing, solidifying Dangote's position as a major player in the industry.

Dangote's net worth has seen significant fluctuations over the past decade, with a high of $14.7 billion in 2015 and a low of $8.3 billion in 2020. However, with his refinery now operational, his net worth is expected to continue rising in the coming years.

The story of Dangote's success is a testament to his business acumen and strategic investments. As Africa's richest man, he is expected to continue playing a significant role in shaping the continent's economy and energy landscape.

In conclusion, Aliko Dangote's surge in net worth to $23.9 billion cements his position as Africa's richest man and a major player in the global energy market. As his businesses continue to expand and his influence grows, it will be interesting to see how he shapes the future of Africa's economy and energy landscape.