Africa’s richest man, Aliko Dangote, is reportedly among the biggest beneficiaries of the recent US-Iran conflict, with the Wall Street Journal (WSJ) saying the crisis has significantly increased demand for products from his $20 billion Dangote Refinery.
In a report published on Friday, the newspaper said the refinery reached full production capacity in February 2026, placing it in a strong position to supply diesel, petrol and jet fuel to global markets at a time when concerns over disruptions in the Strait of Hormuz pushed buyers to seek alternative suppliers.
According to the report, the surge in demand has increased Dangote’s wealth by about $4.86 billion since the beginning of the year, raising his estimated net worth to $34.8 billion, based on the Bloomberg Billionaires Index.
WSJ noted that after years of delays and rising construction costs that pushed the refinery’s price tag from its initial estimate to about $20 billion, the investment is now beginning to deliver significant returns.
The publication also reported that the refinery’s production of petrol, diesel and aviation fuel has increased by more than 70 percent this year.
Speaking to the newspaper, Devakumar Edwin, Group Vice-President of Dangote Industries, disclosed that the company plans to list the refinery on the Nigerian Exchange (NGX) later this year with a target valuation of at least $50 billion.
He also revealed that the company is considering a secondary listing in New York.
WSJ said the geopolitical tensions in the Middle East have created fresh opportunities for energy suppliers outside the region, with Nigeria benefiting from increased demand for both crude oil and refined petroleum products.
According to Edwin, demand for Dangote Refinery’s products has risen sharply across sub-Saharan Africa, while exports of jet fuel to Europe have also increased.
The company is also planning a major expansion, with the refinery expected to increase production capacity to 1.4 million barrels per day by 2028 at an estimated cost of $13 billion.
Beyond Nigeria, Dangote Industries is reportedly planning another $15 billion refinery project in Lamu, Kenya, alongside the construction of a new port to support operations.
Despite the refinery’s growing success, WSJ identified insufficient local crude oil supply as one of its biggest challenges, noting that the NNPC has struggled to supply enough crude due to existing export commitments and oil-backed loan obligations.
To strengthen distribution across Africa, the company also plans to acquire its own fleet of ships, establish a distribution hub in Namibia, and construct a pipeline linking several landlocked Southern African countries.
Source: Wall Street Journal (WSJ).
