Aliko Dangote, Nigerian entrepreneur, is now worth N4.3 trillion naira, a recent Forbes ranking has shown.
Nigeria’s 2017 budget was N7.298 trillion and Dangote’s new net worth is more than half of it.
His net worth, which is put at $12.2 billion, is five times the 2017 budget of Lagos state, which was N813 billion.
According to Forbes, Dangote’s wealth grew by $100 million in 2017, making him Africa’s richest man for the seventh consecutive time.
“The richest African, for the seventh year in a row, is Nigerian cement and commodities tycoon Aliko Dangote, with a net worth that Forbes pegs at $12.2 billion. That’s up $100 million from a year ago,” the Forbes report read.
“Dangote is looking beyond cement –his most valuable asset – and has been investing in a fertilizer production company and a large oil refinery. Dangote Fertilizer is expected to start operations in the second quarter this year.”
The 23-man list features two other Nigerians, Mike Adenuga and Folorunsho Alakija.
Mike Adenuga is ranked fifth on the list with a net worth of $5.3 billion while Alakija is ranked 15th with a net worth of $1.6 billion.
The list has nationals from a total of eight African countries. South Africa has eight, six are from Egypt, three from Nigeria, two from Morocco and one each from Algeria, Angola, Tanzania, and Zimbabwe.
Editor’s note: $=N360 (CBN approved rate for banks, investors, and exporters)