Africa’s richest man, Aliko Dangote, has recorded a massive leap in wealth, with his net worth nearly doubling to $23.9 billion, according to the latest Forbes Real-Time Billionaires List.

The Nigerian billionaire, who held the 144th spot last year with $13.4 billion, now ranks 86th richest in the world. This marks his return to the global top 100 for the first time since 2018.

The sharp rise in Dangote’s fortune is largely tied to his 92.3% ownership of the $23 billion Dangote Petroleum Refinery & Petrochemicals in Lagos. The facility, which recently began operations, is Africa’s largest refinery and one of the biggest worldwide. It has the capacity to refine 650,000 barrels of crude oil daily, making it the seventh-largest refinery in the world.

Beyond refining crude oil, the complex also boasts a massive petrochemical arm that produces up to 3 million metric tons of urea annually, cementing its place as Africa’s largest fertilizer producer.

Dangote, 67, described the refinery as the biggest risk of his life, telling Forbes:

“If this didn’t work, I was dead. But we have to build our nation and our continent by ourselves, not rely on foreign investment.”

On the African billionaire list, his closest rival is Johann Rupert of South Africa, with $14.4 billion at the 161st spot. Fellow Nigerian business mogul, Mike Adenuga, sits at 481st with $6.8 billion.

Dangote’s refinery is widely seen as a game-changer for Nigeria’s economy and Africa’s industrialization drive, reinforcing his status not only as the continent’s richest man but also as a visionary shaping Africa’s economic future.