7 Facts To Know About Aliko Dangote, The Richest Man in Africa As a Businessperson

With an estimated net worth of $ 14.3 billion, Aliko Dangote is the richest person in Nigeria, Africa, and the richest black person worldwide. He leads the multinational industrial company Dangote Group as chairman and CEO. Considering that he has consistently remained in this position, there are definitely a lot of curious minds wanting to know even just a bit about how he goes about this. This is why we have made available 7 facts to know about Aliko Dangote that you can learn from.

Truly, there has always been the notion that he came from a rich family and generation which makes it a great relief and ladder to him getting to the position he is. However, it is good to also note that, even with great wealth, you can still fail, if he had not taken the proper measures meant for a business to thrive, his business might not have survived and he probably wouldn’t be in the position he is today.

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Below are 7 facts to know about Aliko Dangote with some of his discussions quoted for better backing:

1. He is Passionate

In reference to several of his discussions, it has been deduced that Aliko Dangote is a passionate man and would go all out to get what he is passionate about. An evident instance is in his quoted Bloomberg interview below:

“We had already studied doing 300,000 barrels a day back in 2005. At that time I couldn’t even fathom a larger refinery. I had no financial capacity. Then in about 2010, we paid all Dangote Group’s debts, which amounted to $2 billion…We don’t want to listen to the critics, because their intention is to destroy us. We are using our own money. This is my lifetime project. I have to back it up with my own life to make sure it is delivered.

There is no way you can have a population of 320 million in West Africa and no self-sufficiency. So the first thing to do is food security. We have land, we have water, we have the climate—we shouldn’t be a massive importer of food. With modern farming, you can get 8 to 10 tons per hectare. I believe Dangote Group is in the right position to drive this trajectory.”

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2. He Took His Time to Observe

While making recounts to why he started the cement business in an interview, Dangote pointed out that he specifically took his time to observe — He took out enough time to look around and find out what would benefit Africa and wouldn’t have to be imported. He said he had looked mostly into the Sub-Saharan part and had discovered that cement production wouldn’t be a bad idea at all.

3. He is Bold and Takes Bold Steps

According to him, he had taken several bold steps in his life. He portrays that going for that which you believe requires you to let go of your fears and just go for it. If it works, good, and if it doesn’t, you try again.

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4. He is Consistent

Regardless of so many times he had to fail, he kept picking himself back up. He was and is still consistent and never gives up, but instead, restrategizes, re-brand and comes back better.

5. He Hires Smart People

According to him, he has a culture of hiring people who are smarter than him and this has continually helped the growth of his company. He said, “I always make sure I hire people smarter than me.”

6. He Welcomes Competition

Aliko Dangote sees competition as a medium to want to be better, to need to be better, and be better. He said, “Don’t kill the competition. Competition is healthy for businesses. It keeps you the entrepreneur on your toes.”

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7. He has big dreams but understands the value of starting small

Despite being a big dreamer, he understood the importance of starting small. He started small and continued to work towards his big dream.

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Wrapping it Up

Entrepreneurship is not as easy as it may seem. It has its ups and downs and you just have to be ready for whatever. Take the losses and get back up on your feet as soon as possible. Also, do not forget to always learn from experience and most importantly, from people who are ahead.