Africa’s richest man, Aliko Dangote has revealed the major challenge facing African entrepreneurs.
Dangote, who is a multi-billionaire noted that the challenge with this group of individuals is the hunger to spend their projected incomes.
The successful entrepreneur with a portfolio in cement, sugar and fertilizer.
“The biggest issue with us Africans is that we spend our projected incomes. Once you start doing business and it starts doing well, rather than you to keep investing in the business, you start spending money and thinking that that profit will continue to come. There are ups and downs in business so you need to be very focused a say okay fine, what do you do and how do you do those things,” he said in the video sighted by MyNigeria.
When asked jokingly by the host if businessmen can buy Porsche cars, he replied; “no no no”.
Dangote maintains his position as Africa’s wealthiest man for the 12th consecutive year, despite a $400m drop in his fortune to $13.5bn, according to Forbes’ list of African billionaires for 2023.
The year-to-year decrease in Dangote’s fortune is explained by a drop in the value of Dangote Cement shares – of which he owns 85% – as well as a year of elevated inflation due to a very volatile global environment.
Johann Rupert, the founder of the Swiss luxury goods holding company Richemont, stays at number two on the richlist despite significant losses – his fortune fell by $300m to $10.7bn, partly because Richemont’s share price fell to its lowest level in more than two years.
South African Nicky Oppenheimer, who sold his family’s 50-year-old stake in diamond mining giant De Beers for $5.1bn in 2012, stays in the top three with a net worth estimated at $8.4bn, a $300m decline compared to January 2022.