A Nigerian entrepreneur, aged 68, and Africa's richest man with an estimated fortune of $28.5bn—the only African among the world's 100 richest people, according to Forbes. He has been compared to Mukesh Ambani, India's richest man, whose conglomerate Reliance runs that country's largest refinery.
Dangote's great-grandfather was a wealthy merchant of nuts and other products. From the 1970s Dangote was a trader, importing soft commodities such as salt and sugar into Nigeria. A leaked American cable from 2005 said his wealth was "based on his family connections and political friendships" and that he once held exclusive import rights for cement, sugar and rice. Around the turn of the century, encouraged by the president of the day, he shifted from importing cement to making it.
Dangote Cement is one of three Dangote Group subsidiaries listed on the Nigerian stock exchange (NGX), with a market capitalisation of 13.6trn naira ($10bn). Its operating-profit margins can be more than twice as high as those of other cement multinationals. Critics say it has benefited from tax breaks and import bans, as well as a strategy of ramping up capacity to scare off competitors. The cement business has a longstanding relationship with Sinoma, a large Chinese company.
In 2023 Dangote opened Africa's largest refinery complex on the edge of Lagos, on an area nearly half the size of Manhattan. It can process 650,000 barrels of oil per day—more than enough to cover Nigeria's domestic petrol consumption at full tilt. The IMF estimated that, run at full capacity, it would increase Nigeria's non-oil GDP by 1.5% between 2025 and 2026, while boosting official dollar reserves by $5.5bn annually. The site's nearly 200 fuel tanks can store more than 4bn litres of fuel. Beyond energy, it produces polypropylene for plastics and can make 3m tonnes of fertiliser a year—more than any other plant in Africa. Dangote plans to list a portion of the refinery on the NGX and over the next three years expand capacity to almost half that of all Saudi Arabia's facilities combined.
The Dangote Group operates in 16 African countries beyond Nigeria. In 2025 it announced a $2.5bn joint venture with Ethiopia to build a fertiliser plant of similar size to the one in Lagos. Dangote says he will invest $1bn in cement and power projects in Zimbabwe. He also lists potash and phosphate mining, copper processing in Zambia, cocoa processing in Ghana and Ivory Coast, and a petroleum pipeline from Namibia to central Africa. He wants to use gas from the refinery complex to provide power for manufacturers setting up nearby. He has cited the potential of the AfCFTA as one of the reasons for his investments.
The end of the world will occur at three p.m., this Friday, with symposium to follow.