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Richest Black Person in the World – 2020

Richest Black Person in the World

Aliko Dangote is The Richest Black Person in The World.

Aliko Dangote a renowned entrepreneur in Nigeria was born on the 10th of April 1957. He has married four times and the first three marriages were divorced. From the marriages, he has fifteen Children. He lives in Lagos Nigeria. Dangote today is regarded as the richest black person across the globe following his huge investments in various sectors of the economy.

However, his wealth had faced a recent decline, his robust skills have made him manage the situation and maintain his unbeatable feat as not only the richest black person in Nigeria but also globally. Today his net worth is estimated to be $10.5 billion. Aliko Dangote grew up in an entrepreneurial family in the Kano State in Nigeria. He hails from a Muslim background with his grandfather Sanusi Dantata named the richest man by the time of his death. An enabling background as such gave him an upper hand to prosper in the entrepreneurship world.

The Forbes recognize him as the richest black person worldwide. His massive wealth is generated from Dangote cement that is ranked the largest producer of cement in the Africa sub-Sahara. The Dangote group founded in 1981 today operates about 18 subsidiary industries that deal with flour and sugar largely.

The sixty-one old man gives credit to his grandfather for what he owns today. The grandfather inspired him to entrepreneurship at a tender age. While he was eight years of age, he could vendor sweets for a profit. In an interview conducted by the Forbes, he says that once raised by an entrepreneurial grandfather you’re motivated to enter the business world. The aspiration makes an individual aggressive and thinks of the possibility of everything.

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His entrepreneurship interests continued to the adulthood life. He graduated from al-Azhar University in 1977 with a business degree. On his return to Nigeria, he moved to Lagos ranked among the richest cities in Africa and Nigeria’s largest enterprise center. While in the city he rented $500,000 from his uncle and started selling goods such as cement, rice, and sugar.

Aliko Dangote is The Richest Black Person in The World

Aliko Dangote is The Richest Black Person in The World

The business picked up well and he managed to repay the loan with three months’ time. The borrowed money gave him the capacity to sugar and rice importation from Brazil and Thailand respectively. He sold the imported products in retail profitably. The business became a cash cow and he reports that he earned a daily profit of $10,000. This gave him the capacity to repay the loan back with three months.

He shifted to large scale manufacturing business in 1999 and established sugar refineries and flour mills. By 2010, the sugar business sale had quadrupled averagely to $450 million. The Forbes report that by 2010 his sugar refinery was the largest sugar producer in Africa and the second globally. On the other hand, the flour enterprise had tripled to $270 million in revenue. On the same year of establishing a cement company, he was awarded for his state-owned company.

By 2005, he expanded the cement enterprise massively by constructing a multi-million dollar plant. He financed the construction using his personal savings plus the $479 million loan from the international finance corporation. Today, his manufacturing enterprises have been separated into single plants. For instance Dangote sugar, salt, flour mills, and cement companies

The richest black person describes his journey to success as exciting however, he explains that he overcame challenges of the time. The challenges he notes that required great thought, creativity, and innovation. Today, he is constructing an oil refinery amounting to $14 billion. He is driven by the impact to save humanity thus making him the greatest African philanthropists. He wants to set a legacy and he believes that only Africans can build the reputation of Africa, not outsiders, the richest black person reports in an interview conducted by the Forbes.

Now the richest black man across the globe, he started entrepreneurship while he was twenty-one years and started selling fast moving consumable products. The products included sugar, flour, and cement. When the business picked up well realized massive profits he changed his tactics and became a manufacturer of good under his name Dangote Group.

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However, he sells a range of products today; cement manufacturing is his major enterprise. His Dangote cement a supplementary of his Dangote group is the largest cement producer of cement across the African content. Additionally, his companies are the major suppliers of many commodities in many of the African states. Dangote has penetrated well the African market by establishing several subsidiaries among the African states.

At the Al Jazeera interview, he reveals that he operates in a different way when he compares himself with other rich Africans. His profits are majorly reinvested into the business and this is the key reason for his enormous expansion since he established his companies.

However, today he has developed an interest in oil and gas business, he decided to invest on another path initially. He purchased an oil refinery in 2007 at Lagos and aims to develop the refinery to its maximum capacity by 2020. The oil refinery plant is projected to produce 650,000 barrels of oil daily and thus reduce Nigeria’s dependence of oil and gas on international suppliers

Dangote the richest black person has not only earned a good reputation, but he has also contributed massively to the Nigerian economy. He has boosted the Nigerian economy through his voluminous investments. He has invested massively in many developmental projects that have stabilized the Nigerian economy.

In conclusion, Aliko Dangote is the richest black person in the world. He started as an importer of rice and sugar and today owns multi-billion manufacturing plants of sugar, salt, rice, and cement. He has also developed an interest in the gas and oil corporate industry and has invested massively. He has expended his enterprises to most African states especially the cement manufacturing plants. His massive investments have not only salvaged the Nigerian economy but also improved the living standards of many Africans.

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Posted in Africa, Business

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