Lessons Learned From The Success Story Of The Richest Man In Africa - Ask The Rich

Monday, May 7, 2018

Lessons Learned From The Success Story Of The Richest Man In Africa

The richest man in Africa ... Despite the huge losses that Nigerian businessman "Aliko Dangote" has made for the past 50 years, however, he still the richest man ever in Africa, with its wealth exceeding $ 17.7 billion, or 2.9% of Nigeria's total domestic production.
He entered this world of business immediately after finishing his studies at "Al-Azhar Al-Sharif" by investing in various materials such as flour, cement and sugar. 

Lessons Learned From The Success Story Of The Richest Man In Africa

    1-Invest in what you know

Born in 1957 to a wealthy Muslim family working in the field of commerce, his grandfather was one of the richest merchants in the whole state, but Dangot decided to make his own business away from his family but close to the same field of family investment. The university in Egypt borrowed $ 3,000 from his uncle and used them to import cement, rice and sugar from wholesalers abroad and sold them locally with a good return. Because Dangot understands all the data and challenges of the market thanks to his grandfather's education, Dangut become one of the largest trading companies in Nigeria by 1990.

    2-Take advantage of market shifts in your favor

For 20 years, Dangote's activity was based on imports and export. However, by the end of the 1990s, Nigeria witnessed a dramatic shift in manufacturing policy after President Olusegun Obasanjo pledged to protect the local industry, making the country dependent on imports for the availability of commodities. The growing needs and the activity of the manufacturing sector, Dangun exploited this gap to the right and turned the trade into manufacturing and established many factories for the production of pasta, flour, sugar and market its products very easily since it already owns a giant distribution network grew up on His years in the House of Commerce and at the moment has become Dangot company controls the Nigerian sugar market.

    3-Cared strongly brand

"To succeed in the business sector, you need to create a big brand and never ruin it," says Dangote. "The ideal way to create a strong brand in Nigeria or anywhere in the world is to offer high quality products at low prices.

    4-Invest in many fields

Although Dangote Group focuses on the cement, sugar and flour sectors, it is also keen to diversify its investment as it has already entered into other fields such as telecommunications, real estate, oil, steel and gas. And helped create a lot of jobs across Africa.

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