Dangote's entrepreneurial journey started when he approached his uncle for a $3000 loan to start importing and selling agricultural products in Nigeria after his first degree. Photo credit: Business Insider Africa
Aliko Dangote is a Nigerian entrepreneur, the richest African, and the richest black person in the world. Forbes estimates his net worth at about $12.7 billion, while Bloomberg puts his net worth at 19.0 billion.
His entrepreneurial journey started when he approached his uncle for a $3000 loan to start importing and selling agricultural products in Nigeria after his first degree. He traded in Sugar, rice, pasta, salt, cotton, millet, cocoa, textiles, and vegetable oil from Thailand and Brazil.
His business became an instant hit and within three months, he repaid the loan he took from his uncle. In 1973, he ventured into the cement industry, buying truckloads and reselling them to others for profit.
He then ventured into selling sugar, rice, and other commodities, and eventually got back into the cement industry with a factory, moving from a zero market share in Nigeria to controlling about 45 percent of the market within the first year.
The success of his cement factory inspired him to start manufacturing some of the products he was importing or buying from others. In 1997, he built a plant and started manufacturing pasta, sugar, salt, and flour.
Today, all his companies operate under the empire Dangote Group, where he plays the role of chairman. The group employs over 30,000 workers in Nigeria and across Africa. Dangote Group includes the following firms: Dangote Cement Plc, Dangote Sugar Refinery Plc, and Dangote Flour Mills Plc.
Below are some Businesses owned by Dangote that you probably didn’t know.
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