Today’s Profiles of Entrepreneurship in Africa, is about why Africa’s future is so bright. Periodically, The Benin Epilogue will bring you this series to highlight how entrepreneurship is ushering a new era into Africa’s political and economic landscape. I will make every effort to highlight both indigenous entrepreneurs doing big things in various African countries, as well as non-resident entrepreneurs who are finding success in Africa. This is just as much about the private sector lifting public burden; as it is about giving the common entrepreneur, with no connections, in Africa just as much of a chance at winning that an parliamentarian’s son would have. This is also why foreign and local investors alike would be wise to look to Africa as the investment destination of today and tomorrow.
Today we are talking about Aliko Dangote. Mr. Dangote is a Kano, Nigeria born business man, he is also the founder of The Dangote Group. We chart his business beginnings to Kano, Nigeria; the year is 1977. This is the year that he received a small sum of money from a relative. He used this capital to buy commodities, which he later sold and reinvested the proceeds. From these commodities, he opened up into building materials…..the rest “as they say” is history.
A survey of today’s Dangote Group would find a business conglomerate whose market covers Nigeria, as well as a huge portion of West Africa. The company is a market leader in sugar importation ( to the tune of 400,000 metric tonnes or 70 % of Nigeria’s total requirements). This imported sugar is refined in the group’s sugar refinery in Lagos, Nigeria and this sugar factory is reputed to be the largest on the African continent and the third largest in the world. The Dangote Group also imports rice, cement, fertilizer, and fish-just to name a few. Additionally, the group exports cocoa, cotton, sesame seed, and ginger.
There’s more…the group is a major producer of textiles and has a major stake in one of Nigeria’s largest salt processing companies.
All of the above is enough to put a striving entrepreneur cub, like me, in awe. This is not what made me choose Mr. Dangote as the topic this post-his confidence in Africa, however, is amazing. To say that his investment strategy is patriotic would simply be an understatement. He has made investment promotion in Nigeria and in other parts of Africa his own personal cause. And I don’t know this for sure, so don’t quote me; but I wouldn’t be surprised if he banked right there in Lagos…..
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