At the age of 21, Aliko Dangote borrowed $3,000 from his uncle to import and sell agricultural commodities in Nigeria, his original country. His issue venture speedily became a finishing, and therefore, he managed to pay back every one of enliven in front within three months of starting operations. For the seventh in a every another, Dangote was the richest man in Africa in 2018, considering an estimated net worth of $14.1 billion. The matter empire he began to produce taking into account more three decades ago, Dangote Group, is one of the largest private-sector employers in Nigeria as dexterously as the most vital conglomerate in West Africa.
Dangote’s issue interests encompass many industries, including oil and gas, consumer goods and manufacturing. the auxiliary produces 44 million metric tons of gum all year and plans to growth output by 33% by 2020. Dangote as well as owns the world’s third-largest sugar refinery, and together the whole of his publicly traded companies make going on a quarter of the declare capitalization of the Nigerian Stock Exchange.
Early Life and Education of the Richest African
Born in 1957, Dangote grew taking place in an entrepreneurial household in Kano State, Nigeria. He was raised Muslim and lived an upper-class simulation. Dangotes grandfather, Sanusi Dantata, was when named one of the wealthiest people thriving in Kano. He made his fortune selling commodities in addition to oats and rice. Dantata became Dangotes guardian in 1965 after the death of his dad.
Having spent much of his childhood bearing in mind his grandfather, Dangote speedily became vivacious in the world of business, as well as proverb, I can recall following I was in primary bookish, I would go and gaining cartons of sweets [sugar boxes] and I would begin selling them just to make money. I was consequently eager in influence, even at that times.1
At age 21, Dangote graduated from Egypt’s Al-Azhar University, one of Islams prestigious universities. It was there the budding voyager furthered his education in business.
An Empire Is Born
After graduating from studious in 1977, Dangote managed to persuade his uncle to lend him grant to begin a business. The funds from the add details to allowed him to import soft commodities at wholesale prices from international suppliers. Two of his main imports were rice from Thailand and sugar from Brazil. He subsequently sold those items in little quantities to consumers in his village at a lucrative markup. The venture speedily became animated and turned into a cash cow. In an interview behind Forbes, Dangote claims that on his best days, he was realizing a daily net profit of $10,000. That allowed him to repay his uncle in on your own three months.