The 64-year-old Nigerian businessman’s wealth has surged by over $1.5 billion this year to $20.7 billion as of 4 May 2022, thanks to an increase in the market value of his cement company.

According to Bloomberg, the majority of Dangote's fortune is derived from his 86% stake in publicly-traded Dangote Cement. Since the beginning of the year, the company’s performance has been on an upward note after investors on the Nigerian stock exchange renewed their interest in stocks over the group’s impressive financial performance reported in its 2021 results.

In January, Dangote was ranked the 97th richest person globally, with a net worth of $19.2 billion. In February, the Nigerian billionaire moved up the ranking to become the 83rd richest person in the world, vaulting over popular Russian businessman and owner of Chelsea Football Club Roman Abramovich, who is now ranked 149th on the list of the world’s 500 wealthiest people.

As of March 2022, Dangote moved up the rankings, becoming the 73rd richest person globally with an estimated net worth of $20 billion. The launch of his newly built $2.5 billion fertiliser plant in April, coupled with the surge in Dangote cement behemoth’s shares, has seen his net worth exceed $20.7 billion.

Amid the war in Ukraine, resource-rich African economies are tipped to benefit from sweeping sanctions against Russia, the world's third-largest oil producer. In this regard, the Dangote Fertiliser Plant is expected to create 5,000 direct and indirect jobs, with the Nigerian billionaire said to pocket around $5.15 billion from the recently commissioned fertiliser plant.

"We are lucky to have this plant," Dangote told CNN in a recent interview. "It is coming at the right time with the Ukraine-Russia conflict as both Ukraine and Russia control substantial amounts of agricultural inputs."

Dangote's fertiliser plant is already shipping to the US, Brazil, and India.