Africa’s richest man sees his net worth surge by $3.21 billion

 

Africa’s richest man, Aliko Dangote, is emerging as one of Africa's top wealth creators in 2026, with his riches skyrocketing amid significant changes in Nigeria's petroleum sector.

According to the Bloomberg Billionaires Index, Dangote is Africa's third best-performing billionaire this year, with a net worth of $33.2 billion and a year-to-date gain of $3.21 billion.

He trails Natie Kirsh, who has added $5.50 billion despite having a lower net worth of $15.2 billion, and fellow Nigerian Abdulsamad Rabiu, whose wealth has increased by $4.64 billion to $14.8 billion.

Dangote began the year with a net worth of $30.4 billion, making him the 80th richest person in the world at the time.

A month later, the Nigerian billionaire, per the Bloomberg index, saw his net worth rise by $2.79 billion to $32.8 billion, making him the 73rd richest person globally, the same spot he currently occupies.

Dangote's recent increase follows a significant milestone in Nigeria's oil sector.

For the first time in decades, the country has become a net fuel exporter, thanks largely to output from the Dangote Petroleum Refinery.

According to data from energy analytics firm Kpler, Nigeria exported approximately 44,000 barrels of petrol per day in March 2026, slightly exceeding imports and leaving a surplus.

The refinery's rising presence is already felt across the continent.

In March alone, it sent 12 cargoes of refined petroleum products to Côte d'Ivoire, Cameroon, Tanzania, Ghana, and Togo, totaling 456,000 tons.

This signifies Nigeria's return to regional fuel markets as a supplier rather than a buyer.

However, issues remain as Nigeria imported an estimated 61.7 million barrels of crude oil from the United States between January 2024 and January 2026, totaling approximately $4.9 billions, most of which were purchased by the country’s only working oil refinery.

Beyond fuel, Dangote is diversifying the products he is offering from his refinery to include other petrochemicals.

A recent report showed that the Dangote Refinery is looking into using Honeywell International Inc. technology to produce 400,000 metric tons of linear alkylbenzene, a major ingredient in detergent manufacturing, in a $11.5 billion venture.

Taken together, these developments demonstrate how Dangote's industrial ventures are not only altering Nigeria's energy scene but also fueling his quick rise in global wealth rankings.

By Chinedu Okafor, Business Insider Africa

Nigeria targets $74bn livestock boom to tackle food crisis and inflation

Nigeria’s federal government has set out plans to expand the country’s livestock industry to $74bn over the next decade, positioning the sector as a key lever to address food insecurity, curb inflation, and support economic stability.

The proposal, outlined at the ninth Vanguard Economic Discourse in Lagos, forms part of a broader strategy to revitalise agriculture, which contributes roughly a quarter of Nigeria’s gross domestic product and employs up to 40 per cent of its workforce.

Speaking on behalf of the Minister of Livestock Development, Idi Maiha, adviser Eustace Iyayi said the government aims to grow the sector from its current estimated value of $32bn to $74bn by 2035 through a 10-pillar transformation plan.

“Agriculture remains central to Nigeria’s economy… yet the country continues to grapple with persistent food insecurity,” Iyayi said.

The urgency of the reforms reflects mounting strain on Nigeria’s food systems. More than 25 million people are at risk of acute food insecurity, according to figures cited at the event, while food inflation has stayed above 30 per cent in recent periods, eroding household incomes.

Although the livestock sector accounts for between five and eight per cent of GDP and about one-third of agricultural output, officials say it remains underperforming. Average daily animal protein intake stands at 7 to 10 grams per person, well below the recommended minimum of 20 grams.

Nigeria has one of Africa’s largest livestock populations, including tens of millions of cattle, sheep, and goats, as well as nearly 700 million poultry birds. However, productivity has been constrained by limited access to quality feed, weak animal health systems, poor genetics, and inadequate infrastructure.

The government’s reform agenda focuses on improving feed and fodder systems, expanding veterinary services, increasing access to finance, and strengthening market infrastructure. Iyayi highlighted high borrowing costs as a major obstacle, warning that current interest rates of 23 to 25 per cent are unsustainable for agricultural investment.

“There is no viable agricultural business with interest rates at 23 to 25 per cent,” he said, calling for single-digit lending rates.

Officials also identified insecurity in farming regions and post-harvest losses, estimated at up to 40 per cent for perishable goods, as critical challenges to be addressed.

Participants at the forum, including international development agencies and local stakeholders, stressed that food security is increasingly tied to broader economic and national stability.

“Food security is no longer just an agricultural issue. It is a pillar of national security and economic resilience,” Iyayi said.

By Segun Adeyemi, Business Insider Africa

Related story: Nigerian meat traders face uncertainty as cattle cost more than cars

Dangote taps Honeywell to expand plastics and detergent petrochems

Nigeria’s Dangote oil refinery has reached a deal with Honeywell to use the U.S. industrial group’s technology to build up production of petrochemicals for plastics and detergents, the companies said, expanding the $20 billion complex’s footprint beyond fuels and making Nigeria less dependent on imports.

The move is part of Dangote’s wider plan to build an integrated petrochemicals business around Africa’s largest refinery, producing industrial and consumer inputs locally while positioning Nigeria as a regional manufacturing hub.

Dangote said on Monday it will use Honeywell UOP’s Oleflex technology to produce an additional 750,000 metric tons a year of propylene at its Lekki refinery, supporting plastics used in packaging, consumer goods and industrial applications.

The refinery will also deploy Honeywell technologies to produce 400,000 tons a year of linear alkylbenzene (LAB), a key ingredient in detergents and cleaning products. Once fully operational, Dangote says its LAB plant is expected to rank among the world’s largest.

Financial details of the deal were not disclosed.

Dangote’s $2 billion petrochemical plant at the Lekki complex near Lagos, situated close to the main refinery and with a 830,000 metric tonne capacity, also began producing polypropylene in March 2025, in 25kg bags for the local market.

Dangote and Honeywell have worked together for years on the main refinery, which currently has capacity of 650,000 barrels per day. Using Honeywell technology, Dangote plans to lift capacity to 1.4 million bpd by 2028, a move that Dangote says would make it the world’s biggest refinery by throughput.

By Isaac Anyaogu, Reuters

Nigeria partners with China to boost egg production

Nigeria is turning to China for support in a major push to scale up egg production and tackle rising food prices. The government plans to build six large industrial poultry farms with Chinese assistance, each capable of producing one million eggs per day.

CGTN Africa

Fresh COVID-19 case reported in Nigeria

The Government of Cross River State has reported an occurrence of COVID-19 in the state, the News Agency of Nigeria reports.

Henry Ayuk, the state’s Commissioner for Health, made the announcement at a news conference on Tuesday in Calabar.

According to him, the fresh case involved a Chinese national, who worked with Lafarge and flew into the country on 17 March, before taking ill.

The commissioner stated that the Chinese’ case became worse at the medical facility of his office and had to be taken to the University of Calabar Teaching Hospital (UCTH).

He explained that at the UCTH, his samples were taken and all protocols followed; it was subsequently confirmed that he had symptoms of COVID-19.

“We are, however, happy to report that he is doing well,” the commissioner said.

Mr Ayuk, a medical doctor, asserted that the Ministry of Health had, however, been repositioned by the current administration, to handle and manage any situation – diseases or epidemic outbreaks.

According to him, unfortunately, there have been silent infections and clear cases from time to time.

“But we are determined that for every ailment, every disease or outbreak, if it is identified here in the state, there should be no alarm.

“The state will do well in terms of surveillance or containment of an outbreak. Whatever it is, we will do our best to contain it. So, there is no alarm.

“When this case was reported in about three or four days ago, we decided to be careful to confirm and ensure that the processes involved with identifying and confirming every case of COVID-19, are duly followed.

“The protocols have been followed and confirmed that a 53-year-old Chinese who work in Akamkpa Local Government Area of the state has COVID-19,” he said.

On her part, Inyang Ekpenyong, the state epidemiologist, announced that in response to the case, the state emergency response unit had been activated.

She, however, noted that there was currently an ongoing contact tracing and line listing of those the Chinese may have been in contact with.

While noting the last case of confirmed case of COVID-19 in Cross River to be in 2022, the epidemiologist, however, feared that the Chinese may have contacted the virus here in Nigeria.

“The incubation period for this virus is usually between two to 14 days, but the Chinese flew into Nigeria from China on 17 March and started developing the symptoms on 10 April.

“This is well beyond the 14 days incubation period. Like I said, we are doing the line listing of those he may have come in contact with, as part of our containment efforts.

“We have also activated the emergency response center and deployed rapid response teams to Akamkpa, where the victim works.

“There is no way we can stop this disease, but we can stop the disease outbreak.

“It will be wrong not to contain or manage it by ensuring that people do not die,” she stated.

Similarly, Yewande Olatunde, a medical doctor and the World Health Organisation coordinator in Cross River, stated that the disease was still around.

“We must explore all preventive measures to protect ourselves.” she stressed.

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