Business
Nigeria’s Aliko Dangote – Africa’s richest man leads ‘lions’ of business
Nigerian billionaire Aliko Dangote typifies the new “African lions” whose business empires are winning a competitive edge over foreign multinationals because of their better grasp of local markets.
“In emerging markets, there is no substitute for on-the-ground experience,” said a report released Tuesday by the US-based Boston Consulting Group, called “Dueling With Lions”.
When business magazine Forbes last week published its latest list of the most powerful people on the planet, Dangote was one of only two people on it from Africa.
Egypt’s President Abdel Fattah al-Sisi ranked 49th in the list, while the Nigerian tycoon was 71st, rated by his power over people and resources, financial clout and range of activity from cement, telecoms, oil and gas to sugar, flour and pasta.
Through hard work, shrewd business practices and tactical networking he has built an empire from South Africa to Senegal and become a regular at events such as the World Economic Forum in Davos, Switzerland.
On November 5 the 58-year-old’s estimated net worth was US$13.8 billion, according to Bloomberg’s Billionaires Index.
Cement and oil
“You have to think big. If you think small, you will remain small in life. And you must be consistent. When you start a business, you might have hiccups here and there,” he said in an online video in 2012.
“That does not mean that the business is not going to work. There must be challenges – you must know how to work round these challenges.”
The Lagos-based Dangote Group is Africa’s largest private employer with some 26,000 staff, giving it a head-start over foreign firms through local knowledge and long-standing relationships.
