Dangote reveals secret of business success

Aliko Dangote, Africa’s richest man, has revealed the secret of his business success: self-sufficiency and backward integration, a manufacturing strategy that extracts value from entire processes.

“We are not going to import anything any longer,” Dangote said, in the presence of Vice-President Yemi Osinbajo, Congolese presidential hopeful Moise Katumbi, and about 300 business leaders.

He made the disclosure at the Financial Times’ 4th annual Africa Summit at Claridges in London.

“In Nigeria, we are learning how to produce the entire value chain,” Dangote added.

Dangote’s business acumen was on rare exhibition as FT editor Lionel Barber seemed impressed with the business mogul’s quick familiarity with the nuts and bolts of his businesses.