The decline of Aliko Dangote’s fortunes: a consequence of the devaluation of the Naira
Aliko Dangote, Nigerian billionaire and Africa’s richest man, recently suffered a significant drop in his fortune. Valued at $21.2 billion at the start of the year, his fortune dropped to $15 billion due to the devaluation of the Nigerian currency, the Naira.
This drop, the largest since 2014, is directly linked to the abolition of the dual exchange rate in the country, which led to a technical devaluation of the Naira. According to data from the Bloomberg agency, which uses the Billionaires Index to calculate Dangote’s assets, his fortune is made up of a part in cash and a part represented by assets in Naira, in particular stakes in companies. companies such as Dangote Cement Group and its fertilizer plant.
Despite this fall, Dangote is expected to remain the wealthiest African for some time to come, thanks to the full operation of its refinery and fertilizer plant. These projects will represent considerable value and contribute to the growth of his fortune.
The devaluation of the Naira highlights the economic challenges facing Nigeria. However, it is important to note that Dangote remains a major player in the Nigerian economy and continues to invest in key sectors such as industry and agriculture.
This situation also highlights the volatility of billionaires’ fortunes, which can be strongly influenced by economic and currency fluctuations. This highlights the importance for investors and entrepreneurs to diversify their assets to minimize risk and preserve their wealth.
In conclusion, despite the fall in his fortune, Aliko Dangote remains a key player in the Nigerian economy and will continue to play a major role in the development of the country