How Aliko Dangote Became the Richest African

Aliko Dangote the Richest Man In Africa. I bet you have always wanted to know more about the Nigerian who is the richest man in Africa. How did Dangote achieve such brilliant success and became so rich? Here is the inspiring Aliko Dangote biography for you.

At the age of 21, Aliko Dangote had the mind to start a business for himself, he borrowed $3,000 from his uncle in order to import and sell agricultural commodities in Nigeria, his native country. The business venture quickly became a success, and as a result, he managed to repay the entire loan within three months of starting operations. Today, Dangote is the wealthiest man living in the African continent with an estimated net worth of $12 billion. The business empire that he began to build more than three decades ago, Dangote Group, is one of the largest private-sector employers in Nigeria as well as the most valuable conglomerate in West Africa.

Aliko Dangote is very frequent on Forbes’s Top 100 list of the richest people. His peak on this list was in 2014 when he became the 23rd richest person in the entire world when his net worth was $ 25 Billion.

ALSO, READ; Forbes: Richest Men In Africa 2021 – Full List

Dangote’s business interest encompass many industries, including oil and gas, consumer goods and manufacturing. About 80% of his conglomerate’s revenue comes from Dangote Cements. Dangote is a the proud owner of the world’s second-largest sugar refinery.

Dangote grew up in an entrepreneurial household in Kano State, Nigeria. He was raised Muslim and had been exposed to an upper-class lifestyle since his birth. His grandfather, Sanusi Dantata, was once named one of the wealthiest people living in Kano.

Having spent much of his childhood with his grandfather, Dangote quickly became interested in the world of business since his grandfather was already selling commodities such as oats and rice. During an interview with Forbes, Dangote explained, “When you are raised by an entrepreneurial parent or grandparent, you pick that aspiration. It makes you be much more aggressive–to think anything is possible.”

When He started out two of his main imports were rice from Thailand and sugar from Brazil. He then sold those items in small quantities, and at a lucrative markup, to consumers in his village. Later on, Dangote realized that acting as a middleman and always importing was a very costly endeavor, and so he built a plant to produce what he had been importing and selling.

His company began to produce pasta, sugar, salt and flour. Around the same time, Dangote was awarded a state-owned cement company. Dangote significantly expanded the operations of the company in 2005 by constructing a multimillion-dollar manufacturing plant.

Dangote has always reinvested the majority of his profits back into his businesses, which is one reason the company has grown so much since inception. In an interview with Al Jazeera News, he explained, ‘We [Dangote Group] are not doing like other Africans who keep most of their money in the bank. We do not keep money in bank. We fully invest whatever we have and we keep on investing’’. In an effort to put some of his cash reserves to work, Dangote purchased an oil refinery in Lagos in 2007

The Bottom Line

Aliko Dangote’s journey to riches is not a rags to riches story. He came from a wealthy family that was able to provide enough financial assistance to start his business. But let us not forget He was ready for business and also made some smart decisions that got him to where he is now. For many years, Dangote imported soft commodities and resold them in his community. He eventually ceased importing items and began to manufacture his own products. Over the years, Dangote has expanded into new business segments, including telecommunications, real estate and steel manufacturing. Today his holding company, Dangote Group, is the largest conglomerate in West Africa.