How the Iran War Made Africa’s Richest Man Even Richer
Africans have turned to one of their own for fuel as the world’s supplies run low. But they are not the only ones with the continent’s richest man on speed dial. Africa’s wealthiest man, Aliko Dangote, is more than $5 billion richer these days, and he partly has the war in Iran to thank for his new windfall. Dangote, 69, made much of his fortune in Nigeria by manufacturing basics , such as salt, sugar and cement. Now, the engine driving his wealth is his new $20 billion oil refinery in Lagos, which has seen a spike in demand for petroleum products — both in Africa and elsewhere — since the war began in February.
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Jet fuel shipments from the Dangote Refinery reached the U.S. market for the first time ever this year, according to the company. Oil flows from Europe and the Persian Gulf have also dropped sharply since Iran closed the Strait of Hormuz, which normally carries up to one-fifth of the world’s oil supply.
