|
Getting your Trinity Audio player ready...
|
At the age of 21, Aliko Dangote borrowed $3,000 from his uncle to import and sell agricultural commodities in Nigeria, his native Country. His business venture quickly became a success, and as a result, he managed to repay the entire loan within three months of starting operations. For the seventh in a row, Dangote was the richest man in Africa in 2018, with an estimated net worth of $14.1 billion ($10.1billion,2020). The business empire 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.
Dangote’s business interests encompass many industries, including oil and gas, consumer goods and manufacturing. About 80% of his conglomerate’s revenue comes from Dangote Cement. According to Forbes magazine, the subsidiary produces 44 million metric tons of cement every year and plans to increase output by 33% by 2020. Dangote also owns the world’s third-largest sugar refinery, and together all of his publicly traded companies make up a quarter of the market capitalization of the Nigerian Stock Exchange.
Aliko Dangote turned a local commodities trading businesses into a multibillion-dollar corporation. Here’s how he did it.
To be continued…
Culled from Investopedia.
