Economic crisis: Nigerian Tycoon Dangote gets poorer

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– Bloomberg Billionaires index reports that Aliko Dangote has suffered a $5.4 billion loss which translates to about N1.35 trillion

– The index blamed the loss suffered by Dangote on the slump in commodities prices and the devaluation of the naira in June by the Central Bank of Nigeria (CBN)

Nigeria’s current economy crisis has taken a toll on Africa’s richest man, Aliko Dangote, resulting in the Nigerian billionaire losing $5.4 billion in fortune since this year.dangote-aliko-2012

According to data obtained, from Bloomberg Billionaires index on Wednesday, August 31, Dangote’s $5.4 billion loss translates to about N1.35 trillion, using an average exchange rate of N250 to a dollar.

The Bloomberg Billionaires Index blamed the loss suffered by Dangote on the slump in commodities prices and the devaluation of the naira in June by the Central Bank of Nigeria (CBN).

Dangote has suffered a $5.4 billion loss this year.

However, Africa’s second-wealthiest person, South African Christo Wiese, who 181 on the billionaires ranking, trails Dangote by $2.8 billion with his fortune climbing 12 per cent this year on the index.

Africa’s second-wealthiest person, South African Christo Wiese, is 181 on the billionaires ranking Source: Bloomberg billionaires data. Meanwhile, Dangote, has dismissed media reports that South Africa had overtaken Nigeria as Africa’s biggest economy.

The report which downgraded Nigeria’s economy below that of South Africa, stated that the change in status of both countries was attributed to the appreciation of the rand, South Africa’s currency, and the devaluation of the Nigerian naira.

The report added that the rand has gained more than 16 per cent against the US currency since the start of 2016; while in contrast, Nigeria’s naira has lost more than a third of its value. But the president of the Dangote Group, insists that Nigeria remains the number one economy in Africa.

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