Becoming Africa's richest: How Aliko Dangote started 4 businesses with loan

Aliko Dangote is a brand that transcends the shores of the continent of Africa. Many understand that the billionaire businessman and philanthropist is the richest person in Africa, but not everyone is aware of how the Nigerian man made his money.

On the basis of the foregoing, Legit.ng highlights Dangote's four businesses and how the wealthiest person in Africa started his empire with a loan from his uncle.

Life in Kano

Aliko Dangote's grandfather, Sanusi Dantata, became his guardian after he lost his father in 1965.

He learnt so much from this guardian angel as he grew up. Dangote's interest in business dates back to his childhood when he would buy cartons of sweets and start selling them just to make money.

Took a loan from his uncle to build his empire

After graduating from tertiary institution in 1977, Dangote took a loan of $3,000 (N1,143,000 as per the current rate) from his uncle to start a business, Investopedia reports. He was importing rice from Thailand and sugar from Brazil which he sold in small quantities to consumers in his village.

According to the businessman, on his best days, he was realising a daily net profit of $10,000 (N3,810,000 as per the current rate). That allowed him to repay his uncle in only three months.

The billionaire was able to turn his business into a multi-billion dollar empire when he stopped importation and started producing what he was importing.

His wealth has afforded him the opportunity to impact lives as he is one of the largest employers in Africa.

His four businesses

His manufacturing divisions include:

Dangote Sugar Refinery PLC.

National Salt Company of Nigeria PLC.

Dangote Flour Mills PLC.

Dangote Cements PLC.

Dangote was earlier reported to have topped the list of 7 richest people in Africa.

Dangote is the richest person in Africa with a net worth of $12.1 billion (N4,608,527,000,000).

He founded the largest cement producer in Africa called Dangote Cement.

The business mogul has a refinery that has been under construction since 2016 and is expected to be one of the world’s largest oil refineries once completed.