The meteoric financial rise of Aliko Dangote continues to astonish the business world. Just a week after Forbes revised upwards the valuation of his fertilizer plant, the Nigerian businessman experienced a spectacular increase in his fortune. In a mere 24 hours, his net worth surged by $1.5 billion, skyrocketing from $15.5 billion to an impressive $17 billion. This accomplishment not only solidifies his position as the richest person in Africa but also as the wealthiest black individual globally, ranking 103rd among global billionaires.
This rapid growth is largely attributed to the exceptional performance of his 86% majority stake in the cement giant, Dangote Cement Plc. The company’s shares have recorded a remarkable increase of over 68% this year, pushing the total value of his assets beyond $9.1 billion. This outstanding growth in the cement sector seems to overshadow the previous reevaluation of Dangote Fertilizer, underscoring the crucial importance of Dangote Cement in the overall success of the businessman.
With a current fortune of $17 billion, according to Forbes, Aliko Dangote‘s position as the richest man on the African continent appears firmly established. The success story of Dangote Cement is built on a skillful mix of expansion and export, attracting investors’ attention as the continent grapples with a critical housing shortage. With an already impressive annual capacity of 55 million tonnes, the company is currently constructing a new 6-million-tonne plant in Ogun State, Nigeria, exclusively dedicated to exports.
This export strategy of Dangote Cement aligns with the strategic vision of Nigerian billionaire Femi Otedola, the country’s fourth richest man. As the Chairman of Geregu Power and director of FBN Holdings, Otedola sees Dangote Cement as a key player in addressing Africa’s housing deficit, particularly in Nigeria. While the government and the private sector strive to provide affordable housing, Otedola’s optimism is fueled by the undeniable reality of Africa’s immense housing needs.
Beyond the national quest for affordable housing, Dangote‘s export ambitions hint at a broader vision. Indeed, the company aims to become a major player in the regional construction scene, supplying essential materials to a continent where demands for infrastructure and housing are growing.
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