News around Africa - March 2, 2023

Aliko Dangote is Richer than these African Countries

Oluwadamilola Olanrewaju March 2, 2023

3 min read

Aliko Dangote, the Nigerian business magnate and Africa’s richest man for the 12th time in a row has amassed a fortune that is larger than the gross domestic product (GDP) of several African countries.

According to Bloomberg Billionaire Index, Dangote’s net worth is estimated to be almost $13.8 billion, making him the richest in Africa and the richest black man in the world. This stupefying amount is more than the Gross Domestic Product (GDP) of some African countries.

The African countries Dangote is richer than include Somalia, Togo, Mozambique, Burundi, Burkina Faso, Malawi, Liberia, South-Sudan, Mauritania, and some others. He reported NGN 194.96B in Market Capitalization in February 2023, considering the latest stock price and the number of outstanding shares. He is reportedly richer than over 30 African countries.

Dangote is richer than 8 African countries

Somalia has a GDP of $7.63 billion, Eritrea, ($2.065 billion); Malawi, ($12.63 billion); Togo, ($8.413 billion); Mauritania, (9.996 billion); Eswatini, ($4.73 billion); Sierra Leone, ($.4.042 billion); Burundi ($2.7 billion); Liberia, ($3.509 billion).

Other countries’ economic sizes are as follows: South Sudan, ($3.15 billion); Lesotho, ($2.81 billion); Djibouti, ($2.39 billion); Central African Republic, ($2.28 billion); Cabo Verde, ($2.04 billion);The Gambia, ($1.74 billion); Seychelles, ($1.65 billion); Guinea-Bissau, ($1.53 billion); Comoros, ($726 million), and São Tomé and Príncipe, ($477 million).

Dangote’s wealth is mainly attributed to his investments in cement, flour, and sugar production. His Dangote Group is the largest producer of cement in Sub-Saharan Africa, and he plans to increase his market share even further.

He also recently invested heavily in a new oil refinery and petrochemical plant, which he expects to generate significant revenue for his business. The $12 billion refinery is expected to produce 650,000 barrels of oil per day and is located in Lagos, Nigeria’s commercial capital.