Africa’s richest man, Aliko Dangote, has challenged recent estimates of his personal fortune, saying the figures do not fully reflect the value of his businesses.
Dangote, President of Dangote Group, said he pays little attention to billionaire wealth rankings, which he described as distracting. Forbes had estimated his wealth at about $38 billion, while its real-time figure was reported at $31.4 billion in the source report.
In an interview, Dangote said the valuation of his businesses cannot be accurately captured by his personal net worth because many of his companies are privately held and are not listed on stock exchanges.
He singled out the Dangote Refinery, saying the facility alone is worth more than $40 billion.
Rather than focusing on wealth rankings, Dangote said his attention is on expanding the Dangote Group and creating greater economic value across Africa.
He said the group is targeting annual revenue of more than $100 billion by 2030, with its operations and value creation coming from across the continent. He also disclosed that the group generated about $10 billion in revenue during the first quarter.
Dangote said his investment strategy was influenced by the economic development he witnessed in Asia, where local investors played a major role in building industries and strengthening their economies.
He argued that Africa needs to increase investment from within the continent while also attracting foreign capital to accelerate industrial development.
According to him, Africa’s dependence on imported goods has limited local industrial growth and employment opportunities.
He pointed to products such as cement and sugar that were previously imported into African markets, saying greater local production would help create jobs and strengthen economies.
Dangote also highlighted Africa’s demographic and natural-resource advantages, noting that about 70 per cent of the continent’s population is below 30 years old.
He added that Africa possesses around 60 per cent of the world’s arable land and about two-thirds of its mineral resources, which he believes could provide a foundation for the continent to become a major global economic hub.
His comments come as the Dangote Refinery continues to expand its role in Nigeria’s petroleum industry. Recent reporting indicates that the refinery has significantly increased Nigeria’s petroleum product exports, while plans are also underway for further expansion.
