American business magazine, Forbes, has recognised Nigerian business magnate, Aliko Dangote, as the African richest man for the 11th time in a row.
With a net worth of $13.9 billion, Dangote tops the list of Forbes’ 10 Africa’s billionaires’ list.
According to the report, for the 11th year in a row, Dangote is Africa’s richest person, worth an estimated $13.9 billion, up from $12.1 billion in 2021.
This according to the magazine, following a 30% increase in the stock price of Dangote Cement, his most valuable asset.
A surge in housing developments in Nigeria and growth in government infrastructure spending drove higher demand in the first nine months of 2021, analysts found.
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This comes about 24 hours after Akinwumi Adesina, President of the African Development Bank (AfDB), has described the Dangote Refinery and Petrochemical Plant projects as a “game-changing initiative” that will spur development and deepen regional integration.
Adesina said this after a tour of the crude oil refinery and petrochemical production plant owned by Dangote Industries Limited on Saturday.
He said:
I was very impressed with Dangote’s refinery and petrochemical industrial zone. A $16 billion investment. The largest single-train refinery in the world. It shows Africa’s power to industrialise. A game-changer for Nigeria & Africa. Well done @AlikoDangote! I am proud of you.
The AfDB boss who is also Nigeria’s ex-Minister of Agriculture lauded the employment created by Dangote through the refinery.
