• Monday, July 22, 2024
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Nigerian billionaires’ wealth declines in q2 2024 amid economic challenges

Nigerian billionaires’ combined wealth decreases by 2.16% in Q2 2024

According to the latest data from the Forbes Real-Time Billionaires List, the combined wealth of four prominent Nigerian billionaires saw a significant decline of 2.16% in the second quarter of 2024.

In Q1 2024, their fortunes totaled $27.8 billion, but by Q2 2024, this figure dropped to $27.3 billion.

Read also: Meet 4 Nigerian billionaires worth more than two African countries’ GDP – Forbes

Aliko Dangote, Africa’s richest man and President of Dangote Group Industries Ltd, saw his wealth decrease to $13.5 billion, reflecting a 10% decline during this period.

Mike Adenuga’s net worth, on the other hand, increased to $6.7 billion, marking an 8.06% rise. Abdulsamad Rabiu’s wealth grew to $5.6 billion, showing a 3.70% increase.

Femi Otedola’s wealth also rose significantly to $1.5 billion, experiencing a notable 25% increase.

Read also: Wealth of top 10 richest women in the world increases by 3.98% in Q2 2024

At a recent summit organized by the Manufacturers Association of Nigeria (MAN) in Abuja, Dangote urged the federal government to address the high interest rates, which currently stand at around 30% in banks.

According to Dangote, these high rates can stifle business growth, lead to factory closures, and hinder job creation, thereby impeding economic progress in Nigeria.

Despite government efforts to stabilize the economy following a change in administration in May 2023, Nigeria has faced numerous challenges. Economic reforms such as the removal of gasoline subsidies and the liberalization of the exchange rate were intended to restore macroeconomic stability.

However, these reforms resulted in higher fuel prices, impacting both citizens and neighbouring West African states.

Read also: Top 10 richest men in the world increase wealth by $201.8 bn in Q2 2024

The economy has seen slower GDP growth, increased inflation rates, foreign exchange shortages, and Naira volatility as a consequence.

The inflation rate in Nigeria has surged to a 27-year peak amid stagnant investments and low employment rates, according to Forbes Africa.

These economic challenges show the complexities facing Nigeria as it strives to achieve sustainable growth and stability in its economy.

According to Forbes Real-Time Billionaires List, Here are 4 Nigerian billionaires on the Forbes list worth $27.3 billion as of July 03

Aliko Dangote – $13. 5 billion
Mike Adenuga — $6.7 billion
Abdulsamad Rabiu – $5.6 billion
Femi Otedola — $1.5 billion