Dangote Shares Secret of Backward Integration with Investors

Africa’s richest man and President of Dangote Group, Alhaji Aliko Dangote, has shared the secret of backward integration with investors at the Financial Times’ fourth annual Africa Summit at Claridges in London. FT’s Editor-In-Chief, Lionel Barber, conducted an extraordinarily candid public conversation with Dangote, Africa’s most successful business leader, in the presence of the Vice-President, Yemi Osinbajo, Congolese presidential hopeful, Moise Katumbi, and about 300, other business leaders. Mastering detailed production statistics and highly-compelling demographics on promising sectors of the African economy, Dangote outlined the key to his success: self-sufficiency and backward integration, a manufacturing strategy that extracts value from entire processes. “we are not going to import anything any longer. “In Nigeria, we are learning how to produce the entire value chain,” Dangote added. Once a heavy importer of fertilizer, Nigeria is now gearing up to produce three million tonnes of locally manufactured fertilizer, transforming the country into one of the largest fertilizer exporters in Africa.In 2007, Nigeria was the second largest importer of cement after the United States Dangote reminded the audience of business elite. “Today, we have not only satisfied domestic needs, we have become a leading exporter of six to seven million tonnes of cement,” he added. Diversifying into agriculture, Dangote has eyes on the dairy industry motivated by the fact that “98 per cent 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 one million tonnes at open market prices that they are growing. “Soon we will be able to feed not only Nigeria but the entire 320million large West African market,” he added. Dangote’s business acumen was on rare exhibition as Barber himself seemed impressed with the business mogul’s quick familiarity with the nuts and bolts of his businesses.“Are we going to continue to import everything?” Dangote asked.“Freight rates are now cheap but they will go up soon. A population of over 200million cannot continue to import basic needs on a daily basis,” he answered himself. By 2100, Dangote stated that Africa would represent 49 per cent of the world’s population, up from 30 per cent today. “If you don’t think big we won’t grow at all; In Africa you have to play long-term, he noted.Aside from Nigeria, which African nations do you think are good growth opportunities? Barber asked Dangote. “Aside from Nigeria?”“I’d have to pick Nigeria. I am a big fan of Nigeria. We are only using eight per cent of our land,” Dangote added.

4 Things That Must Be On Your Daily “To Do List” As A Student

Did you watch that great match between Mayweather and McGregor? Don’t feel sorry if you don’t, neither do I. I only checked the result and that too was when I want to write this post. What most people emphasized about the fight was the amount it cost to watch the live match, I don’t mean on TV, I mean real life. It’s an average of $10k and I heard both player make millions in that single fight. But what do these people do to deserve this kind of attention? They practice, every day, which is one lesson you should learn as a student, you need to practice every day to become the best at what you do. Here are 4 things that must be on your daily to do list as a student : 1. Reading: If you are an athlete who wants to win the Olympic what would you do? Let me tell you what they do. They practice every single day. By practicing every day, they get to train their muscle and get good at their craft. This is true for reading too, by reading every day, you are training your brain muscle. With time if you continue to train your muscle daily, you will realize that your mental muscle is strengthened and your thinking will be above that of an average man. You will think smart and take smart decisions. 2. Exercise: Cultivating the act of daily exercise is good for your health and makes you smarter. When I say exercise, I don’t mean you have to do some heavy weight lifting or run like Usain Bolt (if you can do this, they are nice). But one simple exercise I personally practice every day is a fast walk. You know the kind of walk you take when you are late for a meeting? That’s the deal. That is exactly what am talking about. This will not only make you fit but will also help you think clearly. 3. Sleeping: The brain in its function works like a machine. Let me ask you a question, what will happen if you keep running a machine 24hours every day for the whole year non-stop? Yes it will break down. Sleeping is similar to the break you give that machine, it refreshes your brain and replenishes your energy. One way I use sleeping is; I sleep whenever I have a great challenge I could not find answer to. And I don’t always come up with an answer every time I wake up but trust me, it help me see the challenge from a different angle and that is what you need most time to solve a problem. 4. Goal Visualization: This is like meditation, but here you think. You think by asking thought provoking questions like: what are my life goals? What do I need to do today that will bring me closer to my goal? Am I currently doing what will bring me closer to my goal or am I doing the opposite? It is like checking yourself before you are checked. What daily routine do you have that I did not mention? We would like to know about them.

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