Why Africa's richest man "Aliko Dangote" is so rich.

  Who is Aliko Dangote?

Aliko Dangote is a businessman and the richest person inAfrica.

For the tenth time in a row, Aliko Dangote was named the richest man in Africa in 2021, with an estimated net worth of $12.1 billion. The business empire he began to build more than three decades ago, Dangote Group, is one of the largest private-sector employers in Nigeria as well as the most valuable conglomerate in West Africa.

Shortly after graduating from college at 21, Dangote borrowed $3,000 from his uncle to import and sell agricultural commodities in Nigeria, his native country. His business venture quickly became a success, and as a result, he managed to repay the entire loan within three months of starting operations. Ultimately, Dangote was able to turn a local commodities trading business into a multibillion-dollar corporation.

KEY TAKEAWAYS

*Aliko Dangote has been the richest man in Africa for ten years in a row, with a net worth of over $12 billion.

*Dangote's fortune is primarily built from his company, Dangote Cement, although he started his business empire by selling commodities such as sugar, salt, and flour. 

*While he grew up upper-class, Dangote was entrepreneurial from a young age and started his first business with a loan from his uncle.

*A noted philanthropist, Dangote's Foundation began partnering with the Bill and Melinda Gates Foundation in 2013 to eradicate polio and strengthen routine immunizations, and in August 2020, the African continent celebrated its official certification as free of wild polio.

Slated to open in late 2021, Dangote's lagos (nigeria) oil refinery is the largest industrial development in africa histroy.

Early Life and Education

Born in 1957, Dangote grew up in an entrepreneurial household in Kano State, Nigeria. He was raised Muslim and lived an upper-class life. Dangote’s grandfather, Sanusi Dantata, was once named one of the wealthiest people living in Kano. He made his fortune selling commodities like oats and rice. Dantata became Dangote’s guardian in 1965 after the death of his father.

Having spent much of his childhood with his grandfather, Dangote quickly became interested in the world of business, once saying, “I can remember when I was in primary school, I would go and buy cartons of sweets [sugar boxes] and I would start selling them just to make money. I was so interested in business, even at that time.

At age 21, Dangote graduated from Egypt's Al-Azhar University, considered one of Islam’s most prestigious universities. It was there the budding entrepreneur furthered his education in business.

How Did Aliko Dangote Get Rich?

Aliko Dangote made his fortune by importing and selling agricultural commodities, and later through oil and gas, consumer goods, and manufacturing. The majority of Dangote's fortune comes from Dangote Cement, which produces 45.6 million metric tons of cement every year and operates in 10 African countries.