Aliko Dangote: the African Richest man

Aliko Dangote: the African Richest man

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“Manufacture, don’t just trade.  There is money in manufacturing even though it is capital intensive.  To achieve a big breakthrough, I had to start manufacturing the same product I was trading on; which is commodities.” 

Aliko Dangote is a great part of the best news about Nigeria and the region of West Africa. Africa’s leading industrialist and entrepreneur represents the entire continent’s vibrancy, progressiveness and industriousness. He is the main reason why his home country has been described as a strategic centre of gravity in Africa and perhaps the world’s next economic giant. Indeed, Nigeria has for the second time two years been ranked by the United Nations Conference on Trade and Investments (UNCTAD) as the number one destination for investments in Africa.

Aliko Dangote is Africa’s richest man with an estimated net worth of $24.5 billion according to Forbes. The first time he made the renowned list of billionaires was in 2008 when his fortune was estimated at $3.3 billion. By 2011, this had risen by 400% to $13.8 billion. By November 2013, his fortune had jumped again to $20.8 billion. He is now the 24th richest person in the world.

Dangote made his fortune through trading in three main commodities, namely cement, sugar and flour. His business began with a loan he took from his wealthy uncle, Sanusi Dantata, a Nigerian tycoon. His journey, along with his business, is truly remarkable. He has proved to be markedly different from many of his contemporaries in the way he creates wealth. Manufacturing is a difficult grind especially in a nation of corruption and inflated government contracts but this is exactly what he chose.

Alhaji Aliko is truly an inspiration not just to people in Nigeria where he comes from, but to people all over West Africa.

Fact Sheet:

CEO                                  Dangote Group

Age                                   57

Source of Wealth          Cement, Sugar, Flour, Self Made

Residence                       Lagos, Nigeria

Citizenship                      Nigeria

Marital Status                Married

Children                          3

Education                       Bachelor of Arts / Science, Al-Azhar University

 “There are quite a lot of opportunities in terms of doing business in Africa. Anyone serious about business should not miss out on Africa. There are a billion people living in Africa today compared with China’s 1.3 billion and India’s 1.2 billion. Africa is a huge market. Furthermore, when we look at the projection of the world’s population in the next few years, the only place that has enough arable land to feed the world is Africa.”