Despite entering the $30 billion club in October, Nigerian billionaire Aliko Dangote’s net worth has slightly adjusted down to $29.1 billion, according to the latest Bloomberg’s index.

The -$900 million drop (based on the original $30 billion peak) occurred despite a wave of high-profile projects, which included his company’s announcement of a massive refinery capacity expansion and a major new cement facility in Côte d’Ivoire.

The latest valuation still reflects a solid year-to-date change of +$1.08 billion, suggesting the dip may be a short-term market adjustment rather than a sign of lost investor confidence.

The initial surge past the $30 billion mark was triggered by heightened investor confidence following the disclosure that the Dangote Oil Refinery intends to increase its production capacity from 650,000 barrels per day (bpd) to an ambitious 1.4 million bpd.

This announcement was quickly followed by the inauguration of a $160 million cement plant in Attingué, Côte d’Ivoire, which has the capacity to yield three million metric tonnes of cement annually.

Analysts often tie the volatile movements in his wealth to the performance of his publicly traded assets, particularly Dangote Cement, on the Nigerian Stock Exchange, as well as shifts in the Nigerian Naira’s value.

Further demonstrating his conglomerate’s aggressive expansion strategy, the Dangote Fertiliser complex is now set for a major boost.

The company has partnered with Germany’s Thyssenkrupp Uhde to deploy four new urea granulation units using their advanced UFT Fluid Bed Granulation Technology.

This expansion will dramatically increase the complex’s annual urea output from the current 2.65 million tons to over 8 million tons per year, a scale that could position Dangote as the world’s largest urea producer, ahead of major global players.

The contrast between the net worth adjustment and the massive investment pipeline suggests the market is attempting to price in the sheer scale and capital expenditure required for these long-term projects.

However, the latest deals with Germany’s Thyssenkrupp for the fertilizer plant and Honeywell for the refinery expansion reinforce Dangote’s commitment to industrial transformation across Africa.

The focus remains on strengthening Nigeria’s self-sufficiency in key sectors like fuel and agriculture, and reducing the continent’s reliance on imports across the board.

SOURCE: BUSINESS INSIDER AFRICA