Nigerian businessman Aliko Dangote tops the list of the richest people in Africa, as he is one of the most prominent symbols of economic power in the continent, in addition to being the richest black man in the world, as his wealth exceeded $30 billion according to 2025 estimates.

The wealthy African sits at the head of the giant Dangote industrial group, whose activities extend across vital sectors including cement, oil, sugar, fertilizers and petrochemicals, with a broad economic presence in dozens of African countries.

Who is Aleko Dangote?

Aliko Dangote was born on April 10, 1957, in Kano, northern Nigeria, and grew up in a family with long-established trading roots. His great-grandfather was a major kola nut and peanut trader in West Africa, while his maternal grandfather worked in the building materials trade.

Nigerian businessman Aliko Dangote lost his father when he was eight years old and was raised by his maternal grandfather, which had a significant impact on shaping his business personality from a young age.

From his childhood, his entrepreneurial tendencies appeared, as he used to buy sweets and distribute them to his friends to sell, keeping the profits for himself, in an early experience that revealed his talent in trade and money management.

Where did Aleko Dangote learn?

Aliko Dangote studied at Al-Azhar University in Cairo, where he studied business administration and graduated in 1977.

Upon returning from Cairo to Nigeria, the continent’s most prominent businessman obtained a loan from his uncle to start his first cement trading venture. He then moved to Lagos, the country’s largest economic center, and expanded his business by importing cement, taking advantage of the growing demand for building materials in Nigeria during the construction boom.

Founding of the Dangote Group

In 1981, Dangote founded his company, which later became the Dangote Group, the largest industrial conglomerate in West Africa. During the 1980s and 1990s, he expanded his business to include several sectors, including sugar, flour, fish, rice, milk, and iron. However, the real turning point in his career came in 1999 when he decided to move from trading to manufacturing, believing that local production was the way to achieve economic self-sufficiency for Nigeria.

In the late 1990s, he began to establish huge factories in the sugar, salt, flour mills, and pasta sectors.

In a remarkable development, in 2000 he managed to buy Benue Cement from the Nigerian government, before opening Obagana Cement three years later, which later became the largest cement plant in sub-Saharan Africa. This contributed to Dangote Cement's listing on the Nigerian Stock Exchange in 2010, making it the largest listed company in West Africa, where he currently owns about 85% of the company's shares through a holding company.

The cement industry is the cornerstone of Dangote's wealth, with Dangote Cement having a production capacity of approximately 48.6 million tons per year, with operations in 10 African countries. The group later expanded to operate in 17 countries within the continent, becoming the largest cement producer in Africa.

Oil is the crown jewel of Aliko Dangote's empire

The Dangote Petroleum Refinery project is one of the largest private industrial projects in the world. Construction of the refinery began in 2016, and its implementation took more than a decade of planning and construction at a cost of $20 billion.

Refining operations officially began in 2024 with a production capacity of 650,000 barrels per day, making it the world's largest single-line refinery.

The project has contributed to reducing Nigeria’s dependence on fuel imports and achieving greater self-sufficiency in the energy sector.
According to reports in The Economist, Dangote plans to increase the refinery's production capacity to 1.4 million barrels per day in the future, in addition to offering 5% to 10% of its shares on the Nigerian Stock Exchange to attract investments.

In March 2022, the Dangote Fertilizer Empire officially began after years of development. The plant is one of the largest urea plants in the world and plays an important role in supporting the African agricultural sector by providing fertilizers locally and reducing dependence on imports.
Finally, according to the Bloomberg Billionaires Index, Dangote became the first person born in Africa to reach a net worth of $30 billion, as his wealth recently increased by about $2.16 billion, after an increase of $430 million in a short period.

In the 2025 Forbes ranking, he came in at number 83 globally among the world's richest people, and he maintained the title of the richest man in Africa for 13 consecutive years.