Africa’s richest man, Aliko Dangote, has provided hints on how to grow as a businessman.
Speaking with Business Insider Africa, and published on Tony Elumelu Foundation’s verified Instagram account, Dangote said the secret of growing a successful business is financial prudence.
He said while some of the people working for him have houses abroad that they use as holiday homes, he has none.
He said: “A lot of people even the younger ones, we need to be very careful because one of the biggest issues with us Africans, and it is that we spend our projected incomes.
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“Once you start doing business and the business starts doing well, rather than for you to keep investing into the business, you start spending money and thinking that the profit will continue to come. There are ups and downs in business so you need to be very focused and say ‘Okay fine what do you do and how to do those things.”
The businessman further advised that acquiring luxurious things could be a distraction. Citing himself as an example, Dangote stated, “Luxury things — they also take up your time which will not make you focus on your business. I mean, I don’t have any holiday home anywhere; I don’t have a house anywhere but I know people who are working for me, they have a house in London. But I don’t.”
Dangote, born on April 10, 1957, is the founder, chairman, and CEO of the Dangote Group, the largest industrial conglomerate in West Africa. The Bloomberg Billionaires Index estimated his net worth at $17.8 billion in June 2023, making him the richest person in Africa, the world’s richest black person, and the world’s 94th richest person overall.
