Aliko Dangote, The Richest Black Man In The World, Makes History As The First African-Born Billionaire To Reach A $30B Net Worth
Aliko Dangote, the richest Black man in the world, has reached a new milestone, with a net worth of $30.3 billion, according to the Bloomberg Billionaires Index. Per Business Insider Africa, the feat makes him the first African-born billionaire to achieve this level of wealth, fueled by growth in his cement and oil ventures.
Dangote’s wealth increased by $2.16 billion year-to-date, including a recent $430 million valuation gain. His net worth previously stood at $29.8 billion, just $200 million short of the mark, before crossing the threshold in October 2025, Business Insider Africa reports.
Cement Expansion Strengthens Dangote’s Holdings
Dangote’s latest financial growth is closely tied to the expansion of Dangote Cement, his company’s largest revenue driver, notes Business Insider Africa. The group recently completed a $160 million cement factory in Attingué, Côte d’Ivoire, about 30 kilometers north of Abidjan.
Built on 50 hectares, the new facility is set to produce three million metric tonnes of cement per year, making it one of the company’s largest plants outside Nigeria, according to the outlet. With this addition, Dangote Cement now operates 11 production plants across Africa, bringing its total installed capacity to approximately 55 million tonnes annually.
Refinery Operations Fuel Continued Growth
Dangote’s oil operations have also played a key role in his record-breaking net worth. According to Business Insider Africa, the Dangote Oil Refinery, which began operations in 2023, initially produced about 370,000 barrels of diesel and jet fuel per day. Now, it produces roughly 650,000 barrels per day, as AFROTECH™ previously reported. The refinery has been a transformative development for Nigeria’s energy sector, significantly reducing the nation’s dependence on imported petroleum products.
Business Insider Africa notes that the company plans to sell between 5% and 10% of refinery shares on the Nigerian Exchange (NGX) Limited within the next year. Dangote has announced plans to expand production capacity to 1.4 million barrels per day, which would surpass the 1.36 million barrels per day output of India’s Jamnagar refinery, one of the largest in the world.
A Timeline Of Rising Wealth
Dangote’s financial journey over the past years has seen both market fluctuations and steady growth, as AFROTECH™ previously reported. After launching his refinery in 2023, his net worth temporarily declined, allowing South African billionaire Johann Rupert to take the top spot in early 2024, Business Insider Africa reports.
At the time, Dangote’s fortune was valued at $9.5 billion, compared to Rupert’s $10.3 billion. By the end of January 2024, Dangote’s wealth rebounded to $20 billion, fueled by gains in manufacturing and energy.
By October 2024, Bloomberg listed his net worth at $27.8 billion. Despite slight dips in early 2025, it rose to $29.3 billion by August 2025, culminating in his $30.2 billion valuation as the richest Black man in Africa in October.
