Africa’s richest man, Aliko Dangote, has seen his net worth climb to $33.2 billion, gaining more than $3 billion since the start of the year.

Analysts link the surge partly to disruptions in global fuel supply around the Strait of Hormuz, a key oil shipping route. The tensions have tightened supply and pushed up prices, creating opportunities for alternative producers such as Dangote’s refinery in Nigeria.

Economist Adeola Adenikinju says countries in parts of Asia and Europe are increasingly looking beyond the Middle East for fuel supplies.

“Dangote provides an alternative,” he said, noting that higher oil prices and increased demand are driving profits.

The Dangote Refinery is already changing the picture in Nigeria, where fuel shortages were once common due to underperforming local refineries.

Adenikinju says the impact could stretch across the continent, with output expected to supply other African countries and reduce reliance on imports.

“This allows Africa to look inward instead of depending heavily on external markets,” he said.

While Dangote built his wealth through cement operations across Africa, Adenikinju says the refinery could soon become a key driver of his fortune.

Beyond boosting profits, the project is also expected to support regional trade, lower costs, and strengthen Africa’s energy independence.

–ChannelAfrica–