Aliko Dangote, the richest individual in Nigeria and Africa, experienced a significant bounce in January 2024, following a $3.6 billion net worth decrease in 2023. His net worth increased by $7.11 billion, placing him first among the world’s largest gainers since the beginning of the year.
Dangote, the creator of the Dangote Group and main shareholder of Africa’s largest cement company, Dangote Cement Plc, saw a significant increase in his net worth in the first month of 2024. According to the Bloomberg Billionaires Index, his wealth increased from $15.1 billion on Jan. 1 to $22.2 billion on Jan. 31, a $7.11 billion rise.
This tremendous increase in Dangote’s fortune is due to strong market sentiment on the Nigerian Exchange. The bullish market has significantly increased the market value of his investments in publicly traded companies, particularly his 86% ownership of Dangote Cement Plc.
Additionally, his holdings in Dangote Sugar Refinery and NASCON Allied Industries, which represent his sugar and salt operations, have increased significantly since the beginning of the year.
In January, Dangote Cement’s shares increased by more than 130 percent, from N319.9 ($0.267) on January 1 to N763 ($0.639) on January 31. This jump increased Dangote’s 86 percent share in the company to $12.4 billion, representing a sizable portion of his $22.2 billion fortune. As a result, he is now the 81st richest person in the world, as well as the wealthiest Black person.
The rise in Dangote Cement shares coincides with Nigerian billionaire Femi Otedola‘s strategic investment. Otedola’s decision indicates his faith in Dangote Cement’s ability to create foreign money for Nigeria, as well as his commitment to supporting enterprises that contribute to the country’s economic stability.
Otedola noted Dangote Cement’s unique position with two export ports, which provides a substantial opportunity to generate foreign cash that is critical to Nigeria’s economy. He said that Dangote Cement’s recent expansion, including the commissioning of a new six-million-tonne factory in Itori, Ogun State, not only boosts its export capability but also highlights its role in contributing to Nigeria’s economic diversification.