Africa’s richest man, Aliko Dangote, is edging closer to a historic milestone as his fortune surges once again. 

The Nigerian billionaire’s net worth has risen by $1.2 billion this year, bringing him within touching distance of the $30 billion landmark that no African has ever reached.

According to Bloomberg’s Billionaires Index, Dangote is currently valued at $29.3 billion, up from $28.1 billion at the beginning of 2024. 

The sharp increase comes on the back of renewed optimism in his sprawling business empire, particularly the commencement of operations at his $20 billion oil refinery in Lekki.

A roller-coaster year for Africa’s richest man

Dangote’s wealth journey in 2024 has been anything but steady. Earlier in the year, his fortune recorded only marginal growth, and by mid-year, there were signs of decline as market movements wiped off nearly $400 million. 

But the tide has shifted dramatically in recent months. A rebound in investor confidence, stronger earnings reports, and fresh momentum in his companies have catapulted him to new heights.

This surge has sparked conversations about whether Dangote is finally poised to break the symbolic $30 billion ceiling. If he does, he will go down in history as the first African billionaire to reach that figure—a feat that carries both personal prestige and continental significance.

Cement, sugar, and now oil

Much of Dangote’s wealth comes from his stakes in publicly listed companies. Dangote Cement, the continent’s largest cement producer, remains his crown jewel, with a market valuation running into billions. 

His holdings in Dangote Sugar, NASCON Allied Industries, and United Bank for Africa also add considerable weight to his fortune.

But what is exciting analysts and investors the most is the impact of the Dangote Petroleum Refinery. With a capacity of 650,000 barrels per day, it is not only one of the largest single-train refineries in the world but also a game-changer for Nigeria’s energy sector. 

Though privately held, the refinery’s potential to reduce fuel imports, generate exports, and transform regional trade has been factored into valuations of Dangote’s empire, boosting his personal net worth.

Closing in on the milestone

With his wealth now at $29.3 billion, Dangote needs less than $700 million to hit the $30 billion threshold. Market watchers say this could happen sooner rather than later, especially given the daily swings in the value of his publicly traded companies. 

A single bullish run in the Nigerian Exchange or further positive news around the refinery could tip him over the line.

For Africa, Dangote’s climb is more than just numbers, it represents the possibility of homegrown enterprises building global-scale wealth. 

His empire, rooted in cement, sugar, and now oil, is a testament to the industrial power that can emerge from the continent despite challenges such as infrastructure deficits and policy uncertainties.