You probably didn’t know that these Black entrepreneurs borrowed money to start their business empires

Aliko Dangote

According to Forbes, Dangote has a net worth of $12.7 billion while Bloomberg puts his net worth at 19.0 billion. He makes his money largely from Dangote Cement, one of Africa’s most successful and recognizable brands. His cement factory has the capacity to produce 48.6 million metric tons annually and has operations in 10 countries across Africa.

In addition to his cement factory, Dangote is also into the production of sugar and until recently, fertilizer and oil refinery. His refinery is expected to be one of the largest in the world and will help reduce Nigeria’s dependence on imported refined crude.

What is more, he is also into the assembling of cars under the name Dangote Peugeot Automobiles Nigeria Limited (DPAN). The assembling of the vehicles started with the Land Trek, 3008, 5008 and the new 508.

To start his business journey, he approached his uncle for a $3000 loan. He used the money to start importing and selling agricultural products in Nigeria. He traded in sugar, rice, pasta, salt, cotton, millet, cocoa, textile 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 trucks and reselling them to others for profit. 

He dumped cement and went into the selling of sugar, rice and other commodities. He eventually got back into the cement industry with a factory. In the first year, he went from having zero market share in Nigeria to controlling about 45 percent of the market. 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 is the chairman. The group employs over 30,000 workers in Nigeria and across Africa. The Dangote group includes the following firms: Dangote Cement Plc Dangote Sugar Refinery Plc and Dangote Flour Mills Plc. Others include Dangote Pasta Plant Limited Dangote Agro Sacks Limited Prayer Mats Production Dangote Salt Plc Ports Operations Haulage Steel Production Dangote Foods Limited Real Estate Telecommunications Oil Refinery Petrochemicals Fertilisers.