Nigerian billionaire Alhaji Aliko Dangote is the highly-ranked businessman in Africa today by Forbes with a net worth running into several US billions, while his entrepreneurial acumen will soon be exported to Harare into cement production.
His business has a heavy presence inside Nigeria, Africa and around the world. In February 2015, he left the whole world stunned when he increased his personal net worth by a million in less than 24 hours.
According to Forbes, he is the 53rd richest man in the world. Here are his financial secrets worth emulating.
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| 10 Tips on How To Build Your Wealth By Africa’s Richest Man: Aliko Dangote |
Took a loan to start business: Aliko Dangote started his business with a 500,000 Naira loan he took from his uncle. He approached his uncle in 1977 and told him about his plan to establish a business outfit. He got the loan to establish his business. However, he was given a three-month-deadline. He repaid the loan on time.
He kicked off by trading in commodities: Household products like sugar, rice, pasta, salt, cotton, millet, cocoa, textile and vegetable oil were his core commodities at the beginning, importing these commodities into Nigeria.
A strong distribution network: Since production is not complete until the goods reach the final consumer, Dangote developed a strong distribution channel that made his goods deliver faster than his competitors.
From importation to manufacturing: After some years in his importation business, Aliko Dangote transformed into a producer of products he was importing. In one of his statements, he revealed that “changing from an importer to a manufacturer has so far been his best move.” The move birthed the Dangote Group, an organisation controlling over 13 companies.
Building a brand: Dangote built a vibrant brand for his business. He corroborated this during an interview by saying “to succeed in business, you must build a brand and never destroy it. One competitive advantage I had when I ventured into manufacturing was my brand (Dangote), which I diligently built in the course of my trading.”
Sells cheap quality products: In his mission to gain the loyalty of his customers, Dangote started selling his competitive products at cheaper rates compared to his competitors’ rates.
Good networking skills: Dangote’s networking skills and ability to make unprecedented connections made him record the major breakthrough he needed for the prosperity of his business. After acquiring a license to import cement, his breakthrough emerged.
Works very hard: As an astute businessman, Alhaji Aliko Dangote spends most of his time strategising and brainstorming on growing his business. Reports say he sleeps at 2:00 am and wakes up by 5:00 am everyday.
Obeys laws of the land: Unlike other cunning businessmen, Dangote is an upright man. He abides by the rules and regulations governing business ethics. He keeps his credit and tax records tidy.
The Aloe News/ African Leadership Magazine
