- Africa's richest man, Aliko Dangote, has revealed the secret to his business empire
- Dangote speaking at the Financial Times’ 4th annual Africa Summit said his secret on business include, self-sufficiency and a manufacturing strategy
Billionaire businessman Aliko Dangote has revealed that the secret of his success in business includes, self-sufficiency, a manufacturing strategy, among others.
Dangote 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 Africa’s richest man: “We are not going to import anything any longer. In Nigeria, we are learning how to produce the entire value chain.”
At the summit, Dangote said Nigeria who was once a heavy importer of fertiliser was now gearing up to produce 3M tonnes locally, adding that this will transform the nation into one of the largest fertiliser exporters in Africa.
The business mogul who 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 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.”
In a previous report by NAIJ.com, following his keynote speech at the Financial Times Africa Summit taking place in London, UK, Vice President Yemi Osinbajo met with prominent Nigerians including Alhaji Aliko Dangote; Emir of Kano, Sanusi Lamido; Edo state Governor Godwin Obaseki; and minister of information, Lai Mohammed.
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The development was made public via the vice president's twitter handle, @ProfOsinbajo. Prof. Osinbajo arrived in London for the summit on Saturday, October 7; and during his keynote speech on Monday, October 9, he called for more private sector investment in the Nigerian economy.
Northern elders say Osinbajo cannot be president in 2019, is this right? - on NAIJ.com TV.