Dangote has revealed some of the secrets that have made him successful in
business over the years.
Dangote on Monday revealed secrets of his
success as: self-sufficiency and backward integration, a manufacturing
strategy that extracts value from entire processes.
Speaking at the
Financial Times’ 4th annual Africa Summit at Claridges in London in the presence
of Nigerian vice-president, Prof. Yemi Osinbajo, Congolese presidential hopeful
Moise Katumbi, and about 300 business leaders, he declares; “We are not going to
import anything any longer.”
“In Nigeria we are learning
how to produce the entire value chain,” Dangote stressed.
In 2007 Nigeria was the second largest importer of cement after the US,
Dangote reminded the audience of business elites. “Today, we have not only
satisfied domestic needs; we have become a leading exporter of 6-7M tonnes of
cement,” he added.
Diversifying into agriculture, Dangote has eyes on the
dairy industry motivated by the fact that “98% of all milk consumed in Nigeria
is imported,” same for rice.
Dangote Group has invested heavily in rice
production by investing in local farmers and then offering to buy back the 1M
tonnes at open market prices that they are growing.
“Soon we will be able
to feed not only Nigeria but the entire 320 million large West African market.”
