Naira Devaluation, Crude Oil Shock Reshaped Wealth Of African Leaders In 2016

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.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.

Author: NewsAdmin

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