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ProfRem

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In year 2016, Nigeria's devaluation policy and global shock in crude oil prices reshaped the wealth of African leaders.

Nigeria’s Aliko Dangote, the richest person in Africa, lost about $4.9 billion, 32 per cent his wealth by the close of trading December 27, according to the Bloomberg Billionaires Index.

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The fall in Dangote's wealth is as a result of the combined effect of falling oil prices and the June devaluation of the naira by the Central Bank of Nigeria which pushed him to No. 112 with $10.4 billion on the Bloomberg Billionaire table.

Dangote’s source of wealth is built around sugar, cement and flour with intended plans to invest in oil.
 
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