The path to profits in Africa: Africa's richest man Dangote describes how businesses can succeed despite obstacles

After decades of building up his cement business and expanding into sugar, flour, oil, and other commodities, Aliko Dangote today is worth $18.6 billion, making him Africa’s wealthiest man and among the world’s richest. Credit: Jon Chase/harvard.edu

When Aliko Dangote was building his business, running four cement trucks in Nigeria in the late 1970s, a relative gave him $750,000 to expand.

Business was booming — there was a cement shortage — but instead of investing the money in the business, he gave it back.

“I was scared, as a small entrepreneur, to lose his money. So I returned it back to him,” Dangote said.

Dangote didn’t know it then, but he would have been a safe bet for the loan.

After decades of building up his cement business and expanding into sugar, flour, oil, and other commodities, Dangote today is worth $18.6 billion, making him Africa’s wealthiest man and among the world’s richest.

Read more: The path to profits in Africa | Harvard Gazette

Recommended