Africa’s Richest man Aliko Dangote, affected by the series of economic instability in Nigeria has officially dropped off the list of top 100 richest billionaires in the world.
Last month, Africa’s richest man revealed that he lost the huge sum of N50 billion as a result of the newly introduced flexible foreign exchange policy in Nigeria.
“We have lost over 50 billion naira ($176 million)…The gas, which is our main source of power, is priced in dollars. If there is 40 per cent devaluation, your price will go up by 40 per cent. Every single aspect of the production will go up by that percentage.”
The Nigerian economy has not really been in good light in over a year. Just last week the CBN Governor, Godwin Emefiele made an announcement that Nigeria is officially facing economic recession.
With the afore-mentioned, it is not hard to see that it is truly a trying time for all and sundry in Nigeria.
Dangote who used to be the 25th richest man in the world has stumbled down consecutively from that height; and now he does not have a place in the list of top 100 richest billionaires in the world.
Dangote has successively declined from a $16.6 billion net worth to a $14.4 billion and now to a $11.1 billion. According to the international financial watchdog, Bloomberg, Dangote went down from 51st richest position to the 101st billionaire in the world.
Regardless of the downward trend in net worth, Dangote is still the richest African and still richer than billionaire Trump and Oprah put together.
Most importantly, Dangote is not slowing down on contributing his quota to salvage the Nigerian economy. He is still pushing through with plans to assist in the diversification of the economy.
Recently the losing billionaire announced his plans to rebuild health centres which were destroyed Boko Haram in Nigeria.