5 interesting facts about Dangote you need to know as 2023 commences

Having been the richest man in Africa for as long as anyone can remember, and running one of the most successful indigenous conglomerates on the continent, it is hardly any surprise that numerous individuals on the continent have taken a keen interest in whatever the man ventures into.

Dangote’s name, whether for his individual exploits or the work his company does, always finds itself in news rounds, which of course piques the interest of the general public.

With that being said, it is a wonder what the new year would hold for this multi-billionaire and the industry he runs. It is a safe bet to guess that the man is going to replicate more of the success he has come to be known for, and the possibility of scaling his enterprise much further would not particularly pass for a wild gamble.

Needless to say, business can be unpredictable, especially considering factors like market volatility, the evolution of customer needs and wants, and the possibility of a political distortion.

Regardless, Aliko Dangote has built one of the most sustainable businesses on the planet, able to absorb both internal and external shocks, the likes of which can even shake the government to its core.

So, in retrospect, it is safer to bet that Dangote Industries is going to have a great year, than a despondent one, and here are 5 interesting facts as to why this may be.

Wealth preeminence: As of the moment of this publication, Bloomberg had Dangote at 77th on its billionaire index, with a net-worth of $18.7billion, and a year to date change of +$25.7M. The next African on the list is at 162nd position with a net worth of 11.4 billion. These numbers simply demonstrate that barring an apocalyptic event, these numbers would remain around the same range should his company underperform and jump much higher should it scale.

Job and empowerment programs: Dangote, much like being synonymous with wealth creation is also very synonymous with job creations. His business is one of the highest employers on the entire continent. But in Q4 of 2022, this industry promised to kick job creation up a notch. In December he promised to create 300,000 jobs for Nigerians. He also promised scholarships to 460 students. Dangote Industries pledged to increase the human capacity at the Dangote Refinery Project site from 40,000 to 57,000 personnel in the coming months. And also hinted at increasing his operational footprint in Africa.

Oil refinery: Last year, Dangote hinted at the prospect of African refined oils and quickly set plans in motion to get his oil refinery running by Q3 of 2023. This refinery is set to produce around 600,000mp bd, which is at least one-third of Nigeria’s entire oil production average on a good month. As of this moment, the refinery is still being built and reports state that it is nearing completion.

Philanthropy: It has become common practice amongst the wealthy to donate some of their fortune to charity. Dangote is no exception. Recently, he donated relief materials worth N1.5 billion to flood victims in Northern Nigeria. He also signed a Memorandum of Understanding, MoU with Kano State Government to check the prevalence of malnutrition in the state, which currently disburses about 30,000 meals daily. Additionally, Dangote Cement Plc, Ibese Plant launched a multi-million naira CSR for its host communities. These efforts amongst others suggest that Dangote’s philanthropy could experience a significant boost in 2023.

Business projections: 2022 for Dangote was not without its challenges. There were months that the company performed worse than projected, however, the final lap of the year saw Dangote’s fortune steered towards the right direction. In Q4 of 2022, Dangote’s revenue grew by 6.2%, despite a $611 million loss in the first ten months of the year. Dangote Cement also recorded an increase in revenue of ₦1,177.3B, up 15.2% in 2022, when compared to 2021. These numbers show a steady growth in his ventures and with plans to produce oil, Dangote’s business projections are nothing short of positive.

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button