Aliko Dangote.
Following our articles on entrepreneurship and the major sources of funding available to Nigerians, we thought it would be inspiring to bring to your reading, our own entrepreneur per excellence, Aliko Dangote.
Despite being from a wealthy family, Aliko Dangote believed in the strength of his own arms and actions. He knew without a doubt that if he was committed to his business, he would surely reap the benefits through hard work and diligence.
Aliko Dangote is a living entrepreneurial legend and his business skills and acumen will be studied for years to come.
Aliko Dangote started his company in the 1970s as a small trading company, today, it is a multi-trillion naira conglomerate with many of its operations in Benin, Ghana, Nigeria, Zambia, and Togo. Dangote has expanded to cover food processing, cement manufacturing, and freight.
The Dangote Group also dominates the sugar market in Nigeria and is a major supplier to the country’s soft drink companies, breweries, and confectioners.
The Dangote Group has moved from being a local commodities trading business to be a multibillion-dollar corporation in Nigeria including Dangote Sugar Refinery, Dangote Cement, and Dangote Flour.
Born in 1957, Dangote was raised in an entrepreneurial household in Kano State, Nigeria. Dangote’s grandfather, Sanusi Dantata, was one of the wealthiest people living in Kano. He made his fortune selling commodities like oats and rice.
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Dantata became Dangote’s guardian in 1965 after the death of his father. Being close to the world of business through his grandfather, Dangote developed a strong interest in the commercial world.
He was once quoted as saying, “I can remember when I was in primary school, I would go and buy cartons of sweets [sugar boxes] and I would start selling them just to make money. I was so interested in business, even at that time.”
According to the 2019 Forbes 2019 ranking of the world’s billionaires, Nigerian business magnate Aliko Dangote has a net worth of $10.9 billion and he is currently the world’s richest black person and the 88th richest person in the world.
Despite his financial status, physically he is a charismatic and a soft-spoken man with a pleasant face and friendly demeanor projecting integrity and humility. He is a skilled networker and negotiator, these skills together with being an innovator and continuous investment in his business is his recipe for success.
Dangote describes his professional journey as “exciting,” but notes that he’s also encountered obstacles along the way. Overcoming these challenges, he told Forbes Africa, required big thinking and an innovative approach. “You have to dream big to be able to be big and that’s what we’re doing,” said Dangote, who’s now building an oil refinery that’s projected to cost around $14 billion.
Dangote is driven by the impact he can have on humanity. In fact, he’s also one of Africa’s top philanthropists. “You’d like to be remembered for things that you’ve actually done,” he told Forbes. “We Africans are the only ones that can make Africa great.”
Aliko Dangote is a Nigeria and Africa believer. His story tells us that Nigerians can be the richest black person in the world whilst remaining and thriving in Nigeria.
We can do great things if we try hard enough.