Strait Of Hormuz Closure; Dangote Fortune Rises To 34 Billion Dollars
The closure of the Strait of Hormuz has led to higher refining margins and increased demand for alternative energy sources, benefiting Aliko Dangote’s refinery business.
Fertiliser and jet fuel prices have surged due to global supply disruptions caused by geopolitical tensions, particularly Iran’s blockade of the Strait of Hormuz.
Dangote plans to more than double his Lagos refinery’s capacity to 1.4 million barrels per day, aiming for output comparable to India’s Reliance Industries within 30 months.
Nigeria’s fuel security has improved due to the refinery, but much of Africa remains dependent on imported fuel, exposing it to risks from Middle Eastern conflicts.
