Africa’s richest man, Aliko Dangote, has seen his wealth nearly double within a year, climbing to an estimated $23.9 billion, according to Forbes.

The Nigerian industrialist, who was worth $13.4 billion in 2023, now sits as the 86th richest person in the world, marking his return to the global top 100 for the first time since 2018.

Dangote’s fortune is tied largely to his controlling 92.3% stake in the Dangote Petroleum Refinery & Petrochemicals, a game-changing project that officially began operations in Lagos this year.

At 67, the business mogul has widened the gap with his African rivals. South African billionaire Johann Rupert follows with $14.4 billion, while Nigeria’s telecoms and oil giant Mike Adenuga stands at $6.8 billion.

The refinery, a $23 billion mega-facility in the Lekki Free Zone, spans 6,200 acres and is already making global headlines. With the capacity to process 650,000 barrels of crude oil daily, it ranks as the seventh-largest refinery in the world. Beyond petroleum, it also boasts Africa’s biggest fertilizer plant, producing 3 million metric tons of urea each year.

Speaking to Forbes about the decade-long journey, Dangote admitted it was a massive gamble: “It was the biggest risk of my life. If this didn’t work, I was dead.”

For him, the refinery is more than just a business venture — it’s a vision for African self-reliance. “We have to build our nation by ourselves. We have to build our continent by ourselves, not rely on foreign investment,” he said.

Dangote’s latest milestone reinforces his position not just as a billionaire, but as a symbol of Africa’s drive toward industrial independence.