Business
Dangote Reveals Secret Of His Successful Businesses
Africa’s richest man and most successful industrialist, Aliko Dangote, on Monday revealed the secret of his business success: self-sufficiency and backward integration, a manufacturing strategy that extracts value from entire processes.
“We are not going to import anything any longer,” Dangote said, in the presence of Nigerian vice-president Professor Yemi Osinbajo, Congolese presidential hopeful Moise Katumbi, and about 300 business leaders.
He made the disclosure At the Financial Times’ 4th annual Africa Summit at Claridges in London.
“In Nigeria we are learning how to produce the entire value chain,” Dangote added.
Once a heavy importer of fertiliser, Nigeria is now gearing up to produce 3M tonnes of locally manufactured fertiliser, transforming the nation into one of the largest fertiliser exporters in Africa.
In 2007 Nigeria was the second largest importer of cement after the US, Dangote reminded the audience of business elites. “Today, we have not only satisfied domestic needs; we have become a leading exporter of 6-7M tonnes of cement,” he added.
Diversifying into agriculture, Dangote has eyes on the dairy industry motivated by the fact that “98% of all milk consumed in Nigeria is imported.” Same for rice.
Dangote Group has invested heavily in rice production by investing in local farmers and then offering to buy back the 1M tonnes at open market prices that they are growing.
“Soon we will be able to feed not only Nigeria but the entire 320M large West African market,” he said.
Dangote’s business accumen was on rare exhibition as FT editor Lionel Barber himself seemed impressed with the business mogul’s quick familiarity with the nuts and bolts of his businesses.
“Are we going to continue to import everything?” Dangote asked. “Freight rates are now cheap but they will go up soon. A population of over 200M cannot continue to import basic needs on a daily basis,” he answered himself.
By 2100 Dangote stated Africa will represent 49% of the world’s population, up from 30% today. “If you don’t think big we won’t grow at all,” he said.
“In Africa you have to play long-term.”
Aside from Nigeria, which African nations do you think are good growth opportunities? Barber asked Dangote.
“Aside from Nigeria?” the business leader repeated and smiled. “I’d have to pick Nigeria. I am a big fan of Nigeria. We are only using 8 per cent of our land.”
Adi Joseph
October 10, 2017 at 4:22 pm
Northern politicians right?
Chikezie Nelson
October 10, 2017 at 4:05 pm
Ndị Aka Azụ, Ndị ori ngarị! Those who have been screaming restructuring as the way forward, were your houses attacked too?? Where you also abducted by the army??.. . Your quick hibernation should prove to you all that you were utterly directionless and visionless.. You all were simply jealous of the achievements of one voice and like a ship without anchor and engines, you have been at the mercy of the winds of the North. You never knew, that what steadied your voice was IPOB and Kanu.. Now is the time to prove your worth.. Come to the center and do the dance, you all have the floor now. Meanwhile let me help you with a bit of a direction.. There are 6 geopolitical regions in today’s Nigeria.. They all preach an equal one and indivisible Nigeria.. . There are 360 house of representatives.. 360 ÷ 6 = 60 But the southeast has 43. Short changed by almost ⅓! . There are 109 senators. 109 ÷ 6 = Averagely 18 But the southeast has 15. Short changed by 1/6. . There are 36 states. 36 ÷ 6 = 6 Again they got 5.. . Foundationally the Southeast have been shot on their diabetic toe and if PDP vs APC will not allow you start your RESTRUCTURE from here, then you need to port your life with that of a fowl.. ©Bishops Edwin
Emmanuel Nkaa
October 10, 2017 at 2:42 pm
Criminal
Cassidy Aniede
October 10, 2017 at 1:50 pm
Oil money from Biafra land nothing else. All this things he is talking are nonsense. All hail Biafra. We know them one by one
Icee Age
October 10, 2017 at 12:45 pm
Another gay thief.
Dennis Arinze
October 10, 2017 at 12:35 pm
Fake, only God knows his success
Marc Henry
October 10, 2017 at 11:49 am
Who cares. Dangote is not the richest is Africa Ifeanyi Uba, Emeka Ofor, Innoson, and Ibeto are all richer than Dangote, apart from Nigeria government backing him with everything Dangote don’t have half of what Innoson have.
Julie Ogbu Ebuenyi
October 10, 2017 at 11:35 am
Who cares? It is not relevant. You can tell that to your fellow northern criminals.
Chino Ezeonyekwelu
October 10, 2017 at 11:16 am
Northern criminals..
Helsingborg Segelino
October 10, 2017 at 10:57 am
Using Biafra money to sponsor u doesn’t make u a rich man….
Wagon G Billy
October 10, 2017 at 10:48 am
Nigeria’s wealth simple!
Emmanuel Decency
October 10, 2017 at 10:38 am
http://www.blackoption.net/p361522/ free online training on hw to start and build ur own business online including incentive to start. Explore and enjoy.
Hillary Ekene
October 10, 2017 at 10:37 am
Nigeria government is the secret of his successful businesses, if a brainless Man or a crippled man or even a blind man is given opportunity Nigeria government gave him he will be billionaire in a second, Nigeria government gave him everything, he can only deceive those who don’t know about it
Marc Henry
October 10, 2017 at 11:38 am
That’s the fucking truth my brother, Nigeria government is backing him with money and everything. Dangote is not the richest in Africa our brothers Ifeanyi Uba, Innoson, Ibeto and Emeka Ofor they are all richer than Dangote…
Austin Ovie
October 10, 2017 at 10:31 am
Hmmm… No need reading it because I know that quota system played big role in it…