What Made Alhaji Aliko Dangote – Dangote Group So Rich
Aliko Dangote, a name that rules the land of Africa when it comes to business and industries. Yes, Alhaji Aliko Dangote is the richest black man not only in Africa but also the richest black in the world. He is from Nigeria and holds the title of richest person of Nigeria with an estimated net worth of $15.3 billion as recorded in January 2016. The world’s so-rich and powerful man is quite humble and owns the Africa’s largest conglomerate, the Dangote Group.
Starting off with taking a loan of $3,000 at the age of 21 from his uncle, Aliko made it to be among the world’s greatest industrialists and business magnates. Doesn’t that bother you what made him so rich? lets find out:
Business Tactics That Made Him So Rich
Passion and Hard Work
The passion to do something big is quite evident from the fact that Aliko Dangote borrowed loan from his uncle as an initiative to start his own work at 21. And the hard work paid off a great fortune to him that he became able to return the loan in just three years.
Starting off By Trading Commodities
Aliko preferred to take a start by trading commodities which included sugar, rice, salt, millet, cotton, vegetable oil, cocoa and textile. He imported these commodities in Nigeria and served people these items with convenient and cheap ways.
Manufacturing Alongwith Trading
Aliko had soon found out the importance to become a producer other than an importer. He started manufacturing the same goods that he used to trade and that can be seen as one of his best moves throughout his business achievements.
Believer of Brand Power
Aliko remained a firm believer in the power of a brand. He knew the magic that can be created with a brand name of the products. He once remarked:
“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 commodities.”
Selling Cheap and Quality Products
Aliko maintains his trend of making quality products and selling them in cheap price. That shows his belief in public interest and according to him, this makes his business grow much faster and brighter.
The Only Owner of Oil and Gas in Nigeria
Out of many other industries related to commodities, Aliko is the only one who owns oil and gas business in Nigeria which adds into his net worth a great part.
Strong Network and Connections
Aliko is renowned in building strong social, political and business connections that earn him a good outcome always. He keeps signing joint ventures, attending social events, giving donations and forming strategic alliances in any possible way.
Firm Believer In His Country
One thing that makes Aliko exceptionally successful and rich is his belief in making money within his country. He believes in Nigeria and found it full of opportunities, just a vision to catch one and start working on it.
Aliko Dangote be one of the most powerful and rich person on the earth, should have possessed a head full of pride. But the situation is contrary in his case. He always remains grateful to those who contributed to make him reach this height of success and never forgets any good thing that someone someday did to him.
Business to Flow in Your Blood
According to Aliko, to become a successful businessman, business must be there in every breath of the person and it must be flowing in his blood. Business is not done in actual but it comes out of a tactful and smart mind.