Nigerian industrialist Aliko Dangote is set to become the first African to have a net worth of $30 billion.

According to the latest Bloomberg Billionaires Index, Dangote's net worth increased by $401 million (about N601 billion) in one day, taking his total fortune to $29.6 billion.

The gain has pushed him up the world billionaires ranking to the 76th position, his highest placement in history.

Dangote set to make history

Checks by Legit.ng showed that no African’s wealth has ever reached Dangote’s current level, and with another $400 million, he is set to make history again.

This is not the first time Dangote has come close to hitting the $30 billion mark; at the start of the year, he was valued at around $28.1 billion on Bloomberg’s index.

However, his net worth dropped by about $400 million in June and has since hovered around $26 billion.

He has bounced back in recent days, increasing his wealth by $1.51 billion year-to-date.

This time, the $30 billion target appears more attainable than ever, with the milestone now clearly within reach.

Why Dangote’s net worth is climbing

According to BusinessDay, Dangote’s net worth is rising due to the strong performance of his listed companies on the Nigerian Exchange.

These companies, Dangote Cement, Dangote Sugar, and NASCON and make up the majority of his visible wealth.

Although the refinery is not listed, it has been a key factor in the recent revaluation of his wealth to its current level.

The Dangote cement, which makes up a huge part of Dangote's wealth, share price rose by 9.5%, translating to about $497.3 million in added wealth per BusinessDay.

In contrast, Dangote Sugar Refinery saw a 1.3% decline in share price. This drop reduced the value of his holdings in the company by around $4.76 million.

The loss was, however, offset by a $4.52 million gain from NASCON Allied Industries, which also saw an uptick during the week.