Ahead of the new year, Business Insider offers 5 fascinating facts about Dangote.
The list was compiled with the help of many scholarly articles.
Barring an unexpected global or national recession, Dangote's business estimates for 2023 are optimistic.
It is only reasonable to presume that the name Dangote has come to be associated with extravagant levels of riches for every intelligent Nigerian and really African.
Given that he has been the wealthiest man in Africa for as long as anybody can remember and is in charge of one of the continent's most prosperous indigenous companies, it should come as no surprise that many people on the continent are keenly interested in anything the guy pursues.
Dangote's name frequently appears in news reports, whether for his personal accomplishments or the job his company performs, which naturally piques the curiosity of the general public.
Given that, one wonders what the coming year will bring for this multi-billionaire and the sector he controls. The likelihood of the man continuing the success for which he has become renowned is a safe bet, and expanding his business significantly would not exactly qualify as a risky venture.
It goes without saying that business may be unpredictable, especially when you take into account elements like market volatility, the changing demands and wants of your customers, and the potential for political distortion.
Regardless, Aliko Dangote has created one of the most resilient companies in the world, able to withstand both internal and external shocks that have the power to even topple entire governments.
In light of this, it is safer to wager that Dangote Industries will have a successful year than a miserable one. Here are 5 intriguing facts that may help explain this.
With a net worth of $18.7 billion and a year-to-date change of +$25.7 million, Dangote was ranked 77th on Bloomberg's billionaire index at the time of publication. With a net worth of 11.4 billion, the next African on the list is in 162nd place. These figures merely show that, barring a cataclysmic event, these figures would stay in the same ballpark should his company fail and rise significantly should it scale.
Jobs and empowerment initiatives: Dangote is highly synonymous with job creation, much as he is with wealth generation. One of the largest employers on the continent is his company. But this sector projected to increase job creation in Q4 of 2022. He committed to providing 300,000 jobs for Nigerians in December. He also promised 460 students scholarships. In the upcoming months, Dangote Industries promised to raise the number of employees at the Dangote Refinery Project site from 40,000 to 57,000. Additionally, he made a suggestion that he might expand his operations in Africa.
Oil refinery: Dangote hinted at the possibility of refined African fuels last year and promptly started making plans to open his refinery by the third quarter of 2023. This refinery is expected to produce about 600,000 mp bd, which is roughly one-third of Nigeria's typical monthly oil production. The refinery is still being built as of this writing, however sources indicate that it is almost finished.
Philanthropy: Giving away a portion of one's riches to charity has become a frequent practice among the wealthy. Not an exception is Dangote. He recently gave flood victims in Northern Nigeria relief supplies worth N1.5 billion. In order to check the incidence of malnutrition in the state, which now distributes roughly 30,000 meals per day, he also signed an MoU with the Kano State Government. A multi-million naira CSR for its host communities was also established by the Ibese Plant of Dangote Cement Plc. These and other initiatives imply that Dangote's philanthropy may see a considerable increase in 2023.
Business forecasts: Dangote had some difficulties in 2022. There were certain months when the company didn't function as well as expected, but towards the end of the year, things were looking up for Dangote. In spite of a $611 million deficit in the first 10 months of the year, Dangote's revenue increased by 6.2% in the fourth quarter of 2022.
In 2022 compared to 2021, Dangote Cement's revenue increased by 1.177.3 billion, or 15.2%. These figures demonstrate a consistent increase in his business endeavors, and with intentions to develop oil, Dangote's business outlook is nothing short of optimistic.
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