Dangote responsible for over 10% of Nigeria’s GDP — Report
Aliko Dangote, Africa’s richest man, and his conglomerate, Dangote Group, have been reported to be responsible for over 10 percent of Nigeria’s gross domestic product, GDP.
The report, published by TIME Magazine, said Aliko Dangote was currently worth $14.1 billion, adding that his company’s investment was responsible for much more than his net worth.
According to the World Bank, Nigeria’s GDP stood at $404.653 billion by the end of 2016, maintaining its stance as Africa’s biggest economy, over South Africa and Angola.
“Dangote Group claims its investments contribute upwards of 10 per cent of Nigeria’s GDP, a figure supported by outside economists,” the TIME report read in part.
This suggests that Dangote Group has investments worth more than $40 billion in Nigeria, ranging from cement to food products, and now, to oil and gas.
Dangote Group is currently building the world’s largest greenfield refinery, estimated to be worth upwards of $10.5 billion.
The billionaire also runs arguably the biggest cement company in Africa, with an operating revenue of N240 billion as at Q2, 2018 and a market cap of N3.62 trillion (over $10 billion).
Dangote Cement is also the biggest company, by market cap, on the Nigerian Stock Exchange, ahead of Nestle and Nigerian Breweries combined.