NewStats: 3,264,837 , 8,184,848 topics. Date: Thursday, 12 June 2025 at 01:58 PM b1e3q

One of the major highlights of last week was an in-depth interview Africa’s richest man, Aliko Dangote had with Bloomberg correspondent, Francine Lacqua. In the interview, Dangote revealed much about his personal life as well as business journey so far. While many are harping on the surprising revelations that emerged from the interview, this article takes a look at 4 lessons that entrepreneurs can from Dangote’s interview.

Make sure your product/service satisfies a need

This is an often-repeated and often-neglected mantra of entrepreneurs. However, unless that your business idea satisfies some major need in the life or business of other people, you can as well ditch it. Dangote said as much during his interview, revealing how he came about his decisions to move into key areas such as cement and agriculture

I think actually what I figured out was looking at the entire African continent, especially sub-Saharan, and saying, “What do we actually produce?” What I learned is that the majority of African countries imported cement. The better way, I thought, would be to empower Africa—to meet our own infrastructural needs so that we could be more self-­sufficient.

Never be afraid to challenge the status quo

They say ‘Fortune favors the brave’ and that applies to business as well. For new business that are scared to challenge the way things are done but continue to toe the line of predecessors, the likelihood of achieving major success is low. For Dangote, in an era where almost every other billionaire in Nigeria runs oil businesses, he remains the odd one out having made his money from other sources.

The majority of people here made their money through oil. But Dangote has never ever dealt in oil, which is to prove that you don’t have to be in oil. In Nigeria, oil has really damaged our thinking. Everyone is thinking about oil, oil, oil. And we are one company that has made a success without doing that

ion is key

Being an entrepreneur is never easy. Problems will come from right, left and center. People will talk you down, the business may be slow at times, and many other issues may come up. The only thing that can push you these difficult times is your ion for achieving your dream. Many people see Dangote and believe he always had it rosy. Not many would believe his business was in debt as recently as 2010.

We had already studied doing 300,000 barrels a day back in 2005. At that time I couldn’t even fathom a larger refinery. I had no financial capacity. Then in about 2010 we paid all ­Dangote Group’s debts, which amounted to $2 billion…We don’t want to listen to the critics, because their intention is to destroy us. We are using our own money. This is my lifetime project. I have to back it up with my own life to make sure it is delivered.

There is no way you can have a population of 320 million in West Africa and no self-sufficiency. So the first thing to do is food security. We have land, we have water, we have the climate—we shouldn’t be a massive importer of food. With modern farming you can get 8 to 10 tons per hectare. I believe Dangote Group is in the right position to drive this trajectory.

Never stop growing your appetite for success

One thing that stood out from the interview was that Aliko Dangote, despite braking so many records and having so much success, was not yet ready to throw in the towel. The excitement with which he spoke about current and future projects showed that he’s that guy who always looks forward to the next challenge. He already has a plan for 2025! Every entrepreneur should be that guy. That’s the only way to reach one’s full potential. Many are satisfied growing a business to a point and cashing in on a few millions. The truly successful seek more success

Beginning in 2020 our major investment will be in the U.S. and Europe… Beginning in 2020, 60 percent of our future investments will be outside Africa, so we can have a balance.

Let’s say that by 2025, I’m looking at [putting in] between $20 billion and $50 billion [in Europe or the U.S].

Our business strategy has always been like that, yes. We don’t want to be No. 2 in anything that we do. We want to be No. 1. Worst case, we can be No. 2 but targeted to become No. 1.

Source: https://nairametrics.com/4-lessons-entrepreneurs-should-learn-from-dangotes-bloomberg-interview/

Nice

Lessons

5th Lesson
Use your Northern connections to bend policies to suit you so that you can create a monopoly and control production.
Meanwhile encourage people to use your "500k investment capital from your uncle" story to deceive youths who do not know that a brand new car then was less than 10k which approximate value today is not less than 5m.

Which means your uncle gave you about N500m today's worth of cash plus free Export/Import licenses to stay ahead

I want to be like this man

Ok

thank you Sir

Hmm, deeep!

Good

Dangote is becoming as inspiring as Bill Gates


Expand your Business online with a Website of your own. N20k only. Check my signature for details.

Makes sense.

Of course, he's right.

This man can't be poor in his lifetime.

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The difference between rich and poor is not the money, it's the way of thinking


He has three children, no wahala of many children bothering his life so he was able to focus

One official wife, he might have others we did not know, but no too much wife bothering him so he was able to focus

I am yet to see him brag about a Gucci belt or watch like Richly poor huspopi

Moral lesson- don't chase money, just chase wisdom to navigate life and get adequately informed and required insight and a big heart that can carry any risk.. I rest my case

And don't spend more than you make.

Dangote is entrepreneurship personified. He is an inspiration for all seeking to shine as entrepreneurs. However, Dangote is in a world of his own... From the resources he got to start, his way with government et al...

With plenty money and solid goodwill, challenges aint a damn thing! Same challenges that sinks most people will not do you no shit if you've got a Dangote standing. With enough money you are blessed! You can start an innocuous thing and run it like a boss and have it flourish with a striking bang. With money, the best advisers, strategists, researchers etc are at your service and with a little wisdom you will continue to prosper.

But, give it to the man! He has managed well, stayed drama/scandal free and keeps pushing for higher heights. He knows how to make good ideas work and keeps going from hero to hero... take out time to relax and chill too because life is short. Thats where to draw inspiration from.

What's tha business?

ITbomb:
5th Lesson
Use your Northern connections to bend policies to suit you so that you can create a monopoly and control production.
Meanwhile encourage people to use your "500k investment capital from your uncle" story to deceive youths who do not know that a brand new car then was less than 10k which approximate value today is not less than 5m.

Which means your uncle gave you about N500m today's worth of cash plus free Export licenses to stay ahead

#Fact

ITbomb:
5th Lesson
Use your Northern connections to bend policies to suit you so that you can create a monopoly and control production.
Meanwhile encourage people to use your "500k investment capital from your uncle" story to deceive youths who do not know that a brand new car then was less than 10k which approximate value today is not less than 5m.

Which means your uncle gave you about N500m today's worth of cash plus free Export licenses to stay ahead

People will come for you for saying this..

Just like Trump

I don't have anything against these people
But the 'inspirational' stories they sell is revolting

You have to have money to make more money

And if you were poor and you hit the jackpot
You were just damn lucky

The majority of people here made their money through oil. But Dangote has never ever dealt in oil, which is to prove that you don’t have to be in oil. In Nigeria, oil has really damaged our thinking. Everyone is thinking about oil, oil, oil. And we are one company that has made a success without doing that

But you want to open your refinary. It means there still a fortune in oil

ITbomb:
5th Lesson
Use your Northern connections to bend policies to suit you so that you can create a monopoly and control production.
Meanwhile encourage people to use your "500k investment capital from your uncle" story to deceive youths who do not know that a brand new car then was less than 10k which approximate value today is not less than 5m.

Which means your uncle gave you about N500m today's worth of cash plus free Export licenses to stay ahead

What is this one saying?

Is Dangote the only beneficiary of government patronage?

Igbos especially under Obj also benefited from patronage as well
Ifeamyi Uba is also a beneficiary of patronage

Same with other tribes in Nigeria as well (Yorubas especially eg Otedola)

Yet out of all of them, Dangote stands out.

You have to give him some credit, as the biggest single employer of Labour in the private sector

Thanks for sharing. Solving a problem is what gives money

kokomaster3d:


But you want to open your refinary. It means there still a fortune in oil

He is also keying into Nigeria's need to wean itself from foreign refined petroleum products, which will save us a lot of forex
Kudos to him on that

MrOwonikoko:
Ok

its too late

make sure the federal government of your nation bans importation of all major and fast moving consumer goods and makes you the sole importer of such goods



thats the quickest way to become africas richest man

ITbomb:
5th Lesson
Use your Northern connections to bend policies to suit you so that you can create a monopoly and control production.
Meanwhile encourage people to use your "500k investment capital from your uncle" story to deceive youths who do not know that a brand new car then was less than 10k which approximate value today is not less than 5m.

Which means your uncle gave you about N500m today's worth of cash plus free Export licenses to stay ahead

Many people (including you) don't know it was actually 500k dollars

The grey areas, which he will never talk about. That's where the success is.

Dangote is just a very smart crook and nothing more.. im coming right behind him..


what fraction does he give back in of philanthrophy?

ITbomb:
5th Lesson
Use your Northern connections to bend policies to suit you so that you can create a monopoly and control production.
Meanwhile encourage people to use your "500k investment capital from your uncle" story to deceive youths who do not know that a brand new car then was less than 10k which approximate value today is not less than 5m.

Which means your uncle gave you about N500m today's worth of cash plus free Export licenses to stay ahead

Inasmuch as what you wrote may not be far from the truth,but you gotta doff your hat to Dangote for being visionary which is what many African entrepreneurs lack.His uncles 'loan' and connections may have given him an enormous and unfair headstart but it takes more than that survive, grow and prosper in Africa.