Africa’s richest man, Aliko Dangote, adds $5.2 billion to net worth in nearly four years 


Over the course of nearly four years, Aliko Dangote, President of Dangote Group and Africa’s richest man, has witnessed a substantial growth in his net worth, with an increase of approximately $5.1 billion.


This significant uptick was revealed through an analysis conducted by Nairametrics, utilizing data from the Forbes Real-Time Billionaire Index.


Dangote’s net worth has jumped by 61.45% from 2020 to 2024. In 2020, his valuation was $8.3 billion, and as of May 9, 2024, it had soared to $13.5 billion.


Taking a closer look at the economic landscape, the exchange rate between the naira and the dollar has experienced fluctuations during this time frame.


In 2020, the exchange rate averaged around N380.2/$, with fluctuations hitting an all-time low of N361.2/$ as of January 16, 2020. These currency dynamics have undoubtedly played a role in shaping the financial landscape for Dangote and other investors during this period.


A foray into the progression of Dangote’s net worth over the past four years reveals a mix of growth and decline. For instance, in 2020, he began the year with a net worth of $8.3 billion, and by 2021, it had notably increased to $11.5 billion, indicating a 38.5% increase. Throughout this period, the naira fluctuated but remained relatively stable around N381/$.



In 2022, Aliko Dangote’s net worth soared to $14 billion, marking a substantial 21.7% increase compared to the previous year. By 2023, his wealth had climbed, reaching an impressive $14.2 billion. However, this upward trajectory faced a significant challenge as economic dynamics shifted.


In 2022, the Nigerian Naira experienced a significant depreciation, crossing over to N448/$. By 2023, the free float of the Naira led to a staggering 68% loss in its value, a profound downturn attributed to the implementation of the foreign exchange unification policy, as reported by Nairalytics.


By January 2024, the official foreign exchange rate has surged to N1455.59/$, marking a substantial depreciation from the previous rate of N464.67/$ in May 2023. This rapid devaluation took its toll on Dangote’s wealth, causing it to drop to $13.5 billion, a notable 5.6% decline. A significant portion of Dangote’s wealth is denominated in dollars.


The majority of Dangote’s net worth is tied to his conglomerate, particularly his 85% ownership of publicly-traded Dangote Cement. With an annual production capacity of 48.6 million metric tons and operations spanning 10 African countries, Dangote Cement stands as a cornerstone of his wealth.


What you should know

Despite Nigeria’s staggering 33.2% inflation rate in March 2024, business magnates like Dangote faced intense pressures on consumer purchasing power and operational costs. However, amidst these challenges, Dangote’s companies have demonstrated remarkable resilience.


In the first quarter of 2024, Dangote Cement emerged as Nigeria’s most capitalized firm, boasting a valuation of N10 trillion.


Dangote Cement Plc experienced an extraordinary surge in its share price, skyrocketing by 114.7% during the quarter. From N319.90 at the beginning of the quarter, the share price surged to N686.70, reflecting investor confidence and optimism in the company’s prospects.


Furthermore, the group’s market capitalization witnessed a staggering appreciation, climbing from N5.45 trillion to N11.70 trillion within the same period, marking a remarkable increase of N6.25 trillion.


Dangote Cement’s dominance in the Nigerian Stock Exchange (NGX) also witnessed a notable uptick, with its market share soaring from 13.32% to 19.79% by the quarter’s end.




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