Dangote gains N317.6 billion overnight, moves four places in billionaire ranking

The Nigerian billionaire dropped out of the top 100 wealthiest people in the world as Nigeria faced exchange rate volatility, which analysts believe affected most of his earnings.

The climb is also due to the positive performance of Dangote Cement, his primary source of income, on the floor of the Nigerian stock exchange.

According to reports, equities gained N75 billion as the market capitalization closed at N38.556 trillion, marking the second-highest figure in the first week of November.

The week ranks as one of the most positive trading weeks in the Nigerian Exchange (NGX) this year, as the market recorded a weekly appreciation of 4.9%. The billionaire, whose 650,000 barrels per day-capacity refinery is billed to begin operation this month, earned almost $400 million, about N317.6 billion, on Thursday, November 2, 2023. Dangote’s wealth is now estimated at $16.4 billion on the Bloomberg Billionaire Index.

Dangote ranks 9th billionaire manufacturer in the world Recently, CEO Magazine ranked the industrialist the ninth billionaire manufacturer globally. He momentarily lost his position as Africa’s richest man on the Forbes list to South Africa’s Johann Rupert in July, which he quickly regained a few weeks after.

He is ranked Africa’s richest man on the Bloomberg Billionaires Index with an estimated $16 billion, dropping out of the top 100 wealthiest men in the world.

Dangote Refinery to begin production in December

His refinery, the $18 billion Dangote Refinery, is expected to begin production in December with the initial production of diesel and aviation fuel. The Nigerian government reportedly asked the Nigerian National Petroleum Company Limited (NNPC) to supply the 650,000-capacity refinery with crude for production in line with the Petroleum Industry Act (PIA) 2021.

He owns the largest cement manufacturing company in Sub-Saharan Africa, with an annual turnover of $30 billion, according to the company’s website. Dangote speaks on manufacturing Dangote described manufacturing as one of the most powerful ways to lift people out of poverty via job creation.

He reportedly said that smaller countries like Singapore and South Korea have an average per capita GDP of $65,233 and $31,846, respectively, due to high levels of industrialization.

He said: “It is evident that manufacturing is pivotal to industrialization. No country in the world has ever industrialized or attained ‘developed nation status’ without having a thriving manufacturing sector.”