Friday, 12 January 2018

Dangote’s Wealth Is Bigger Than The 2018 Bugdet Of 12 Nigerian States

Aliko Dangote, President Dangote Group

It is no longer news that Nigeria’s Aliko Dangote was named by Forbes as Africa’s richest man for the 7th year running. The global wealth tracker said Dangote’s net worth rose by $100 million for the year 2017. His net worth is currently pegged at $12.2 billion or N4.3 trillion Naira.

This amount is more than half of Nigeria’s 2017 budget of N7.298 trillion.

A simple tally also reveals that Dangote can single handedly finance the 2018 budget estimates of 12 Nigerian states put together. Put differently, Dangote’s wealth is bigger than the 2018 budgets of South East, South South and one other state from the North Central zone. The states whose 2018 budget estimates were tallied are Cross River (N1.3 trillion), Benue (N178 billion), Rivers (N510 billion), Akwa Ibom (N651 billion), Delta (N298 billion), Bayesa (N295 billion), Edo (N146 billion), Imo (N190 billion), Anambra (N166 billion), Ebonyi (N208 billion), Enugu (N98 billion) and Abia (N140 billion).

These 12 states have a combined 2018 bugdet estimate of a little over N4.1 trillion Naira. This is less than Dangote’s latest estate pegged at N4.3 trillion Naira.

Forbes had said that “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,”

“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.”

Apart from his investments in motley of household consumables, Dangote owns the three major cement plants in Nigeria. They are located in Obajana, Kogi state, Gboko Benue state and Ibese, Ogun state. He is also currently building a 650000 bpd capacity petrol refinery in Lagos state. The project is estimated at $12 billion and is to be ready in 2019.

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