Africa’s richest man, Aliko Dangote, has revealed the secret of his success in business.
Dangote disclosed his secret on business to include, self-sufficiency, a manufacturing strategy, among others.
He made the disclosure at the Financial Times’ 4th annual Africa Summit at Claridges in London with the Vice President, Yemi Osinbajo on attendance.
According to Dangote, “We are not going to import anything any longer.
“In Nigeria, we are learning how to produce the entire value chain.”
He said Nigeria which was once a heavy importer of fertilizer was now gearing up to produce 3M tonnes locally.
He noted that this will transform the nation into one of the largest fertilizer exporters in Africa.
“Today, we have not only satisfied domestic needs; we have become a leading exporter of 6-7M tonnes of cement,” he added.
The business mogul stated that his company has invested in rice production by investing in local farmers and then offering to buy back the 1M tonnes at open market prices.
“Soon we will be able to feed not only Nigeria but the entire 320M large West African market.
“Are we going to continue to import everything?
“Freight rates are now cheap but they will go up soon. A population of over 200 million cannot continue to import basic needs on a daily basis,” he answered himself.
“In Africa, you have to play long-term,” Dangote said.
On African country with the biggest growth opportunity, Dangote said,
“Aside from Nigeria?, I’d have to pick Nigeria. I am a big fan of Nigeria. We are only using eight percent of our land.”