Aliko Dangote's Refinery Gains $5 bn from US‑Iran Conflict

Nigerian billionaire Aliko Dangote’s $20 billion Dangote Petroleum Refinery reached full operating capacity in February 2024, allowing it to supply gasoline, diesel, and jet fuel without relying on the Strait of Hormuz. The recent US‑Iran conflict disrupted shipping through the strait, sharply increasing global demand for the refinery’s output; production has risen by more than 70 % this year, and the plant is now the world’s largest exporter of jet fuel.

The surge in demand lifted Dangote’s net worth by about $4.86 billion, bringing his wealth to $34.8 billion and placing him among the world’s 65 richest individuals. Dangote Industries plans to list the refinery on the Nigerian Stock Exchange later this year at a valuation of at least $50 billion, with a possible secondary listing in New York. It also intends to double capacity to 1.4 million barrels per day by 2028 through a $13 billion expansion and to develop a $15 billion refinery‑and‑port project in Lamu, Kenya. The company continues to face challenges securing sufficient crude oil from the Nigerian National Petroleum Company and is expanding its distribution network with additional tankers, a logistics hub in Namibia, and a cross‑border pipeline.