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aliko dangote
Time Magazine

Economy

The Secret To Dangote’s Wealth

A multi-billionaire and business tycoon, Aliko Dangote is the wealthiest person in Africa with a net worth of about $11.1bn as of May 2021. Aged 64, he was born in Kano on the 10th of April and is the founder and leader of the Dangote Group. Although from a well-to-do background, Dangote did not have a wealth of his own until he dived headlong into business in 1977 and became a well-known industrialist now. This begs the question, what is the secret to Dangote’s wealth?


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From the year 1977 to 2021, Dangote has curated both financial and influential wealth that seems almost impossible for an African to achieve. In the Nigerian lingo, “where una dey see this money?” In a closed interview with Gateway Partners Dangote talked about his starting point and shared how since he was a young boy, he remembered buying packets of sweets for cheap outside and selling them to his classmates at prices that doubled the actual price. This brings the assumption that Dangote has been a businessman right from his early years.

Many go further to insist that because he is a direct descendant of Dantata (one of the wealthiest Africans in the colonial era), so he has the money-making streak in his veins. However, in the above interview, Dangote revealed that he started a number of banks but had to close them because he and a few of his business partners did not understand how banking works. The salient point to draw from this is that secret to Dangote’s wealth is his keen focus on a single area of business which is trading.


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Dangote understands the ins-and-outs of trading and this has spiralled him to become a very successful industrialist. In addition to this, it is easy to see how most of the wealthiest men in the world have only a single focus and they hone those skills until they master their crafts. On the other hand, most of the average person has more than one job and this distracts their focus and prevents them from having the time to think through and develop the necessary skills for wealth. This does not mean that the focus becomes monotonous. On the other hand, having a single focus on trading, Dangote has created various products as Dangote cement, Dangote salt, and the likes. The tenacity to see trading get to its peak is what has made Dangote the wealthiest man in Africa.

Needless to say, it does not matter the kind of career one chooses to embark on, so long as there is a single focus, you should expect to see astonishing growth. One last tip that complements Dangote’s wealth is his ability to keep his products directed at the people. Whatever venture you choose to indulge in, make sure that it is solving the painful problems of the people. It may take a while but you have successfully cracked the code to the Secret of Dangote’s wealth.

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Featured image source: Time Magazine


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