President of Dangote Group, Aliko Dangote, has dropped down to the 80th position in the Bloomberg billionaire index from 73rd in the first week of March, 2022.
In early March, Dangote emerged as the 73rd richest person in the world with an estimated net worth of $20 billion, as against his previous ranking of 83rd in the world in the month of February, according to Bloomberg’s billionaires’ index.
He remains the richest man in Africa and the only African in the top 100 list of the world’s 500 richest people following the launch of his fertiliser plant this week.
As of press time today, March 25, Dangote current worth remains $20 billion, according the latest release by Bloomberg.
According to Bloomberg, the majority of Dangote’s fortune is derived from his 86% stake in publicly-traded Dangote Cement. His most valuable closely held asset is the newly inaugurated Dangote Fertilizer Plant which can produce up to 2.8 million tonnes of urea annually.
President Muhammadu Buhari on Tuesday, March 22, at the Lagos Free Trade Zone, Lekki, inaugurated Dangote’s world-class fertiliser plant built at a cost of $2.5 billion. The plant has the capacity to produce 3 million metric tonnes (mt) of urea yearly.
Commenting on the successful inaugural launch of the fertiliser plant, Dangote said: “It is an ambitious project that will reduce unemployment in Nigeria.”
He added: “The plant will boost productivity and enhance output across the nation as products from plants have reached the African market, and across Brazil, India, and Mexico.
“Low fertiliser usages have been the reason for low yield of agriculture products. Our goal is to make fertiliser available in quantity for our farmers. We are rolling out initiatives that will transform the agric sector for all.”
According to Dangote Industries, the plant’s capacity would be expanded to produce multi grades of fertiliser to meet soil, crop, and climate-specific requirement for the African continent.
The Bloomberg Billionaires Index is a daily ranking of the world’s richest people. Details about the calculations are provided in the net worth analysis on each billionaire’s profile page. The figures are updated at the close of every trading day in New York.