How Aliko Dangote Earned His $16 Billion Fortune To Become

Africa is a continent rich in natural resources, yet some of the poorest and war-torn countries on Earth. This is less in Nigeria thanks to the efforts of Alico Dangote, the world’s richest black man. He is single-handedly raising the profile of his country and continent, which in turn is improving the quality of life for the residents of Nigeria and Africa. Dangote was born on April 10, 1957 into a prosperous family. His great-grandfather established one of the most successful peanut farms in Nigeria and made the fortune of exporting peanuts to Europe in the early 1900s. When Dangote was a child, he started a venture selling candy for profit. He graduated from Al-Azhar University in Egypt with a degree in business and launched The Dangote Group. His company did the cement business, and thanks to his family’s connections with the government, was able to get the licenses he needed to launch his business. Over the next few decades, he worked in Brazil as well as bought several homes around the world including the US

Stephen de Sakutin / AFP via Getty Image

Dangote returned to his native Nigeria in the late 1990s. He joined politics around this time and supported the People’s Democratic Party, which won the election. He was then able to use his political connections to build the largest cement factory in the world, while the government also had to limit how much cement could be brought through Nigeria’s ports. Dangote’s cement business was originally allowed to operate in Nigeria. He built a mine and runway for $ 1 billion and officially opened for business in 2008. His cement company operates in 14 African countries.

However, cement was the first part of their overall plan. Today she runs many businesses in everything from food processing to manufacturing to freight. He started Dangote Sugar Refinery, Dangote Dough, and is a salt mine. Their sugar refinery is the largest in Africa. About 70% of the sugar used in candy and beverages in Nigeria comes from the sugar refinery. Dangote controls Nigeria’s exports of cocoa, ginger, cashew, sesame and cotton. Dangote’s businesses have created so many jobs in Nigeria that they have been awarded several Nigerian trade associations and government awards. Even he is the recipient of Niger’s Grand Commander of the Order, the second highest honor a Nigerian can receive.

Dangote expanded his business and vision for oil in Nigeria. He wants his country to become a force in the oil industry. Using $ 3 billion in loans from Nigerian banks, he built a $ 9 billion oil refinery. Nigeria is the largest oil producer in Africa, but due to outside refineries, the country imported most of its oil and motor fuels. not anymore. Not with Dangote’s refinery. It is the largest privately owned oil refinery in Nigeria.

Before Dangote established his empire, Africa was primarily a continent that exported things. Dangote has changed dramatically. He has been able to educate fellow Africans on the value of the commodities that their continent produces and how keeping them in those continents can lead to the emergence of many. Dangote is providing the infrastructure to make this possible.

In fact, the extraordinary ambition and business acumen of Aliko Dangote has raised Nigeria’s profile and fortune in the eyes of the world.

Related Posts

Leave a Reply

error: Content is protected !!