Alhaji Aliko Dangote is a visionary entrepreneur and Africa’s wealthiest individual.
He is widely adored for his exceptional contributions to the continent’s economic growth and transformation.
Through his leadership of the Dangote Group, Aliko Dangote has been a driving force in reshaping key industries, including cement production, agriculture, and oil refining. His relentless pursuit of innovation and investment has catalysed African self-sufficiency, reducing import dependence and creating jobs for millions.
One of his most notable achievements is the establishment of the Dangote Refinery, a state-of-the-art facility poised to revolutionise Africa’s energy landscape by meeting local demand for petroleum products and enabling exports. Beyond industrial achievements, Dangote’s philanthropic endeavours, mainly through the Aliko Dangote Foundation, underscore his commitment to improving healthcare, education, and economic empowerment across the continent. This recognition celebrates Dangote’s enduring impact as a trailblazer who champions Africa’s potential, setting a benchmark for transformative leadership and sustainable development.
For his unwavering commitment to Africa’s advancement in reshaping industries and driving self-sufficiency across the continent, Alhaji Aliko Mohammad Dangote is Person of The Year 2024.
Aliko Dangote, widely regarded as Africa’s foremost industrialist, has become a dominant figure in Nigeria’s and the African continent’s business landscape. Born in Kano, Nigeria, Dangote believes in Africa’s vast potential, which has driven his entrepreneurial ventures. For Dangote, Africa’s challenges are opportunities, and he is known for rejecting the pessimism often associated with the continent’s economic prospects.
Dangote frequently emphasises Africa’s economic promise, citing the continent as home to six of the world’s ten fastest-growing economies. He notes that Africa offers some of the highest returns on investment globally, a reality that discerning international investors have recognised. However, Dangote’s confidence in Africa’s potential goes beyond rhetoric; he actively invests in its development, particularly in Nigeria. In the past seven years, his conglomerate has invested over $25 billion in critical sectors such as oil and gas, cement, and sugar, underscoring his commitment to Africa’s industrial and economic growth.
Dangote’s entrepreneurial journey began in 1978 when he founded the Dangote Group, which has grown into the largest conglomerate in West Africa. A graduate of Al-Azhar University in Cairo, Egypt, Dangote’s business acumen was evident early on. Starting with trading in commodities like sugar, rice, and cement, he quickly identified inefficiencies in Nigeria’s reliance on imports. He asked critical questions: Why import sugar when it could be locally produced? Why rely on foreign cement when Nigeria has abundant limestone reserves? These observations led him to pivot from trading to full-scale manufacturing, a decision that catalysed his ascent in the business world.
Dangote’s entrepreneurial roots run deep. His father, Mohammed Dangote, was a prosperous commodities trader, while his maternal grandfather, Sanusi Dantata, was one of West Africa’s wealthiest men with a vast groundnut empire. At 21, armed with a business degree and a loan of ₦500,000 from his uncle, Dangote established his own trading business. This marked the beginning of a remarkable journey as he transitioned from importing commodities to building factories that manufactured them.
Dangote’s shift into manufacturing was both visionary and transformative. Starting with salt and sugar production, he expanded into flour and, eventually, cement, which became the cornerstone of his wealth. His cement business, Dangote Cement, now dominates the African market, significantly reducing the continent’s reliance on imports. More recently, he ventured into crude oil refining after establishing the Dangote Refinery in Lagos, Nigeria. This ambitious project addresses one of the country’s most critical economic paradoxes: its dependence on imported refined petroleum despite being one of the world’s largest crude oil producers.
Dangote’s investments have generated immense wealth, created jobs, fostered industrial growth, and inspired confidence in Africa’s economic future. His determination to tackle inefficiencies and invest heavily in production has reshaped Nigeria’s financial landscape and positioned him as a beacon of entrepreneurial excellence on the continent.
In essence, Aliko Dangote embodies the spirit of African industrialisation and self-reliance. Through his strategic investments and unwavering belief in Africa’s potential, he continues to transform challenges into opportunities, leaving an indelible mark on the continent’s economic trajectory.
The Group currently has a presence in 17 African countries and is a market leader in cement. One of its subsidiaries, Dangote Cement Plc, is one of the largest listed companies in West Africa and the first Nigerian company to join the Forbes Global 2000 Companies list.
The Group has diversified into other sectors of the Nigerian economy, including agriculture, and recently commissioned the most significant petroleum refinery, petrochemical plant and fertiliser complex in Africa.
The Dangote Refinery in Lagos is a centrepiece of Dangote’s contributions and a game-changing project in Nigeria’s oil and gas sector. Built to address Nigeria’s dependency on imported fuel despite its position as a leading oil producer, the refinery represents one of Africa’s most ambitious industrial undertakings. Since its inauguration in May 2023, this massive facility, with a processing capacity of 650,000 barrels per day, will enable Nigeria to meet its domestic demand with home-produced resources.
By January 2024, the refinery was already producing diesel and aviation fuel, cutting aviation fuel imports from 13,000 to 5,000 barrels per day — demonstrating that Nigeria could now meet its domestic energy needs with homegrown resources. After overcoming early challenges with crude supply, the refinery’s launch of Premium Motor Spirit (PMS) production on September 15, 2024 signified a historic turning point with the capacity to liberate Nigeria from costly foreign petrol imports.
Strategic collaborations have fostered a competitive market environment, such as with the Nigerian National Petroleum Company Ltd (NNPCL) and introducing a liberalised distribution model that allows direct sales to independent marketers. These steps will ensure a reliable fuel supply across Nigeria, benefit consumers, boost economic stability, and usher in the nation’s new era of fuel security.
The financial impact of the Dangote Refinery is nothing short of transformative. The refinery is expected to save Nigeria approximately $7.32 billion annually by eliminating the need for fuel imports. Additionally, its export activities generate foreign exchange, strengthen the naira, and contribute to Nigeria’s foreign reserves, paving the way for long-term economic resilience.
Dangote’s business success has brought him great wealth.
In 2008, he made his debut on Forbes magazine’s annual list of billionaires in the world.
In 2011, when Forbes launched its annual list of the 40 wealthiest people in Africa, Dangote landed at the top spot. Since then, he has routinely ranked on both lists and in other similar measures of wealth in Africa and the world.
Dangote is also well known for his humanitarian efforts.
1994, the Dangote Foundation was incorporated for its philanthropic endeavours; it was renamed Aliko Dangote Foundation (ADF) in 2018. The Foundation has focused much effort on addressing childhood malnutrition. It has also contributed toward efforts to combat viruses such as those that cause polio, Ebola, and COVID-19. Moreover, the Foundation has provided disaster relief.
Many awards and honours have been bestowed on Dangote over the years.
In 2011, he was made a Grand Commander of the Order of the Niger (GCON), Nigeria’s second highest honour, in recognition of his contributions to Nigeria’s economic development.
Other honours he has received include Grand Commander of the National Order of the Republic of Benin (2013), a Commander of the National Order of Valour of Cameroon (2021) and a Commander of the Order of Merit of Niger (2022).
