Aliko Dangote gains $915 million in Q1, currently worth $20 million

Aliko Dangote, the richest man in Africa, published respectable profits in Q1 despite increased geopolitical uncertainty and high inflation.

Dangote was born into a prosperous Muslim family of traders in the northern part of Nigeria. He set up his own business when he was 21 years old. His switch to manufacturing building materials in the 1990s was promoted by government policies promoting reductions in imports.

His current net worth is equivalent to 10.4 million troy ounces of gold or 191 million barrels of crude oil.

Bloomberg Billionaires Index data indicates that the richest black man now has a totaled net worth of $20 billion and posted gains of about $915 million in the first quarter. He ended the first quarter as the only African among the top 80 richest people in the world after launching a fertilizer plant last week.

President of Dangote Group described the new plant as a game-changer that can make Nigeria self-sufficient in fertilizer production, with spare capacity to export to other markets in Africa and the rest of the world. He explained further that Dangote fertilizer has reached the market in the USA, Brazil, and Mexico.

What you should know

* Dangote’s Fertilizer Plant was launched during a conflict between Ukraine and Russia,” in which Russia plays a crucial role as a supplier of fertilizer.

* In 2020, Dangote Cement, the largest cement producer in sub-Saharan Africa, made 1.03 trillion nairas ($2.7 billion) in revenue.

* A third of the Nigerian Stock Exchanges market capitalization is associated with the publicly traded companies in the Dangote Group, such as Dangote Cement, Dangote Sugar, and Nascon Allied Industries.