Aliko Dangote: Africa's richest man | Talk to Al Jazeera

meet Africa's richest man Alico dangoty Forbes magazine estimates his wealth at 25 billion dollars making him the 23rd richest man in the world with a growing portfolio of investments across Africa the Nigerian business magnets began with a small trading firm in 1977 today his businesses cover everything from cement manufacturing food processing to freight dangoty Group employs about 25,000 people in Nigeria it is building cement factories in 16 African countries and buying mining licenses from Kenya to Zambia Alico dangoty has taken on the aura of an economic folk hero for some turning a loan from his uncle into the most successful business conglomerate in Africa but to others his a villain who's used his political connections to sideline the potential competition Alico dangoty talks to al-jazeera Alico dangoty thank you very much for talking to our visitor thank you for welcoming us into your home here in Vegas very welcome Your Story Alico dangoty says what is possible about Africa tell us about your journey to success how are you able to turn alone from your uncle into the most successful business conglomerate on the African continent you know I mean Africa is full of opportunities and I think what we did was to actually - hani's fully the opportunities that you know we met on the ground I mean we've done quite a lot in various areas we started first you know trading after succeeding with trading now what we did was to go into manufacturing which is normally a very difficult area especially from this part of the world because of lack of power but we've been able to resolve those issues and were able to you know succeed in most of what I do we are interested in the man Alico dangoty tell us about your upbringing because your story is not really a of one from rags to riches you come from a wealthy family in Nigeria well I came from wealthy yes wealthy family my grandfather was very well my great-grandfather from my mother's side was actually very very wealthy Allisyn tatata and then his son also summer season Tata whom really raised me up because you know I lost my dad at the age of 8 and you know so out educating me you know you know he gave me a loan of which I was grateful and I paid back in three months you know because business was so good and you know I was able to establish myself from the trading - you know manufacturing and now - most a lot of dering dering things you know like refinery the agricultural process that we are doing and also the you know fertilizer right as you say your business spends a lot of different sectors cement flour salt use let me just ask you this why commodities in a country like Nigeria where oil is king why not get into the oil business right away well is he at first really what we thought of doing as a company we said I look let us work very very hard and get there first you know because if we had followed that trend of dealing in oil would have actually tainted our name you know that name because yes you know the household name because we will always think that look you have gone you have made this much money because you did a lot of unethical deals in oil industry you know because you know this value of the oil industry so we actually kept out of oil at all and just concentrated on food items as you mentioned you're going up the food chain now getting into energy and in particular oil and gas refining Nigeria has a lot of oil but not a lot of refined gas and it has to import most of the motor fuel and fossil fuel is of course and you know a lot of people feel that Africa could could grow a lot faster with more of its own refinery capacity so tell us about this project that you've started and also how tough is it going to be for you I mean it must it must be very challenging because you're gonna be competing against the European the Chinese and American companies who are all helping each other what we're going to do now really were going to do 500,000 but it was fun two thousand Bo object now to five hundred thousand barrels of oil fine paddy they don't pay to chemical of polypropylene of seven hundred and fifty thousand metric tons I know that yes is very very challenging but that's what we like you know in don't go to group we like challenging things and we like to make sure that we do things where we'll make our country proud and also self-sufficient so once we do this Nigeria will never ever import any oil at all no petroleum products zero you know we'll meet of the full and taking up a land that will allow us to grow three times so we have plans of also further growth but the challenges I think we'll be able to surmount most of them because number one were a local domesticated refinery so most of the logistics cost will not be there and then we don't have to pile up a lot of petroleum products you know in stock because the refinery is there is working obviously yes maybe we'll have about 15 20 days of results but that's it let me talk about the foreign investment in this country in China in particular China's presence on the African continent is huge China has ramped up its investments in Africa is China's presence in your opinion a win-win for Africa as they put it I think it is a win-win situation we happen to deal with a lot of African I mean Chinese companies and they will be there as contractors by sea most of what is happening the Chinese are coming here mainly for mineral sources for what they need but setting up local domestic industries I've not really seen Chinese people participating in local domestic industries they are very big in construction they are very big in providing infrastructure but really bringing foreign direct investment they are not as much as the European because a lot of African businessmen especially at the local level complain about the Chinese competition well they complain about maybe different competition competition in the sense of maybe smuggling of textiles for example in India because they don't have tech sales here but they're smuggling it in here what they have killed most of our domestic local textile industries but participating in the real economy I've not really seen Chinese doing much there why do you think Africa can succeed without relying on the foreign investments like the Chinese investment and well can they really do it because no no nobody can do that you see what we need to do as Africans first of all is to show that confidence that yes it is possible you know it can be done then the the foreign investors will follow suit there's nowhere on earth where foreign investors will go and create an economy or make that economy great no the local people must move first when they move first then they will be supported by the foreign investors the richest man in Africa for the fourth year in a row and liquid on goatey 23rd on Forbes rich list around the world how does it feel being so in a continent which is for the most part still afflicted by poverty well if he's a little bit odd yes it's true but then it gives you a lot of thinking and responsibilities you said okay fine what do I do to impact humanity you know and that's why we do quite a lot in terms of our foundation we spend average of 100 million dollars in dangoty foundation which we set up in 1993 and then again we've just I've just did additional endowment to the Foundation which was 1.25 billion dollars with that yes we do that on the terrific side but then in terms of creation of jobs we now have this farm which we have developed I mean we're doing almost about 120,000 hectares of rice land you know and then we are doing 260 thousand hectares of sugar which were targeting to do 1.5 million tons of sugar in the next five years this will create a hundred and eighty thousand jobs so you feel like you're giving back you're doing it now well we're giving because we are creating quite a lot of jobs we're not doing like other Africans were most of the money is in the bank we don't keep any money in the bank whatever we have we fully invest and we keep on investing and that's what we do let me ask you something a bit more personal how do you stay grounded I mean you seem like a very simple and humble man you know usually in Africa when people are rich they tend to flaunt it I speak here from experience how do you say grounded which experience they do I wasn't rich and fortunately but from from the different things that I've seen around the content even when it comes to the leaders of the I think really tell you the truth my upbringing from my late grandfather really helped me quite a lot he was a very very humble person and sometimes he used to drive himself and that's what I do now you know even weekends right now once I finish this interview you I won't go out of the driver I'm going to go alone and I'm going to drive myself I mean I feel safe and really I don't have any issues you know that you know you you know it's always better to be humble you know they said that no condition is permanent so I want to always run my life whether I have many way I don't have many I can run it and it's true I'm sure your life is more expensive to run than mine Nigeria is Africa's number one or an exporter as we've said but also probably the largest importer of petroleum products our paradox because really it's a system that's full of corruption there's no denying it so you've said and I've heard you say this in several interviews that corruption doesn't stop business what do you mean by that well corruption doesn't stop business that's no actually there's no country without corruption even our own in Africa is well pronounced because we have very weak institutions you know what you need a very very big institution so that when you cross the line that somebody that will deal with you squad but you know in America in Europe or anywhere there I mean these are countries that also have corruption not at the same level with what you have right because Africa but actually like Nigeria for instance sorry to interrupt in Nigeria is ranked 144 out of 177 on transparency perhaps country I don't know the number but it's it's not it's known to be notoriously a notoriously corrupt country so my question is your journey to the top in a system that's notoriously corrupt you must have had to pay some kickbacks and so let me tell you something we have actually never ever pay anybody Eddie back at all and never honestly honestly but when you look at it also when people who are busy getting what you call waivers to make money and that we don't do it if we really wanted to make money you know especially that I've been close to almost ever president that has passed through that seat you know I would have actually you know gone into oil yeah I told you you know before that we decided not to go into oil because we don't want to be tented you know so you don't have to be it's not everybody what you say yes you cannot generalize that yes it's a corrupt energy everybody's caught up it's true but you know there are also a lot of people who are busy fighting the corruption some are fighting some you know trying to expand it you know but I think the government is also trying quite a lot to stop by it's true is an issue that has been on for a very long time stopping it in one day it's not do you think the government is serious this current government is serious about tackling I think they've been you know saying it I'm sure you must have had them maybe 10 20 times but they are very serious about it there's no nation that will allow corruption to go deep into the society you try and stop it yes people will fight you by how to fight them as a government you have all the powers but that's why I also mentioned we need very strong institutions very strong institutions will help Africa a lot and Africa like these strong institutions right you've alluded to this that you've been very close to the Nigerian government they've supported your venture at one point your company had exclusive imports rights in sugar cement anyways well never it's like it's elusive it there was nothing like exclusivity if I know right now if you look at it we let me give you an example we have invested heavily maybe six seven billion dollars in cement you know but some people I said no no no not happy because they are too big in the you know it's right and this is what my question is what do you respond to those who criticize you and and say that you've benefited greatly of government favoritism we just allowed you to collapse all competition and small business in Nigeria and establish yourself as a sole importer of manufacture what do you respond to those critics well first of all there was never any time where were the sole manufacturers also importers or whatever of any item it has never ever happened only maybe the only one we took risk let me give you an example there was nothing like sugar industry Nigeria you know and everything was imported maybe small thief I mean we took a risk in 1999 and open up a refinery which we built with over 250 million dollars then okay so if were the only ones having that sort of refinery nobody was stopped how can you say that somebody has given us a license we are not given a license to operate alone okay what normally government will roll out like right now let me give you an example gamma has roll out their agricultural policy on self-sufficiency in sugar okay nobody is investing maybe two of us so tomorrow when we are successful somebody will rise up and say I don't know this is a monopoly because nobody has been stopped that's number one number two government has always been begging people to come and invest so if we hit the Koala government to one invest is that a big problem right but but can you understand that some people may see your close ties with the government whether it's former President Obasanjo or current they can see it as a sort of favoritism could you understand that let me tell you something you know during the regime of Abbas and you wasn't you had never ever given me anything directly and you know I know that is this campaign according to no well you know whether I financed is compared but when I financed a campaign for anybody it is it has no relationship there are some African presidential campaigns that yes we fund or we were part of the funded but we have nothing to do in the country what we are looking for is good governance okay so today for example you know iron ore wasn't just regime which favors who are we given the great system that we have actually hooked on what that wasn't you see that look importance of cement we don't want to see any imported cement what we want you to do is to make sure that you go and do a backward integration produce the cement locally we have everything and that's what we have been able to prove in seven years so does Alec Odin goat even epitomize the free market at work in Niger today I am also a co-chair of the Nigerian Industrial Revolution observed in foreign investment council so if I serve on that one my own duty today as an injury not as a liquid on goatey is to keep convincing people to come and invest in Nigeria and I keep telling people that look Nigeria is the best kept secret if I don't want competition how do you say thank you but I think the country is much much larger than my interest okay so the more investors that we have the better the the unequal distribution of the oil wealth has contributed to a persistent inequality problem between north and south the poverty in the north is in stark contrast to the more developed southern states and more people are unemployed and as you know illiterate in the in the north and they are in the south which some people say is really there no surprise that extremist groups like Boko Haram continue to have appeal in some areas of northern Nigeria so what are you as Nigeria's richest man doing to address this inequality are you investing in the north because it seems that no one seems to be interested in investing in northern Nigeria because of the rising in security in the region what were you right now we're investing about two billion dollars alone in sugar plantations you know to make sure that we make the countries of sufficient and 100% of this is up north you know almost about 55% of our cement production is up in the north in the north central part of the country in the north eastern and north western part of the country that's why we're doing this sugar in part of the North Central which is natural state and also a doe state the northern part of a doe were also growing rice but in a nutshell will be spending almost maybe out over two and half billion dollars by creating one hundred and eighty thousand jobs and that's just is that right so you agree then that to address the threat of Boko Haram you need to I said before address the fundamental yes I said it during the World Economic Forum that look part of the the only thing that we can do to stop Boko Haram is to create jobs because when you create jobs they themselves they'll find it very difficult to recruit people to join them because everybody will be busy while you are right it is also very dangerous to allow people to just sit down modern day and night 24 hours seven days a week while they have nothing doing yeah definitely I mean it's a recipe for crisis Nigeria recently overtook South Africa as a continent largest economy but you wonder how much direct direct investment can this brand new economy truly bring if Nigeria is still defined by insecurity well do you know the investors that you deal with the foreigners that you deal with what do they tell you about this particular issue well you see it depends on the appetite of the investor but I can assure you the insecurity and all the challenges that we're facing is true why facing it's not good for me to tell you here that one it was it's a well-known stuff but also it does not stop people who really want to invest well you know the country is very large they can invest in so you think the government has handle this security issue well I think they have tried you know their best but they need to do more the truth I'd like to talk about religion a sensitive issue in Nigeria you were educated at our universe which is the highest institution of sunni islam what role has religion played in your personal life my I'm actually very you know it's not always good whether a Muslim or a Christian is not good for you to be too extreme in your own religion we all worship the same God is just different of bleeps you know you believe in this or whatever you know but religion is something that is between you and your God and I personally don't believe that you know I think we should practice mostly what their practices in here in the south because in the south you see that has somebody even the Roth I've seen some of my friends they are married Christian you know woman and they did not ask them to change their religion so more tolerant yeah you know so it's not even allowed you know I mean if you want to know go and marry a Christian if I won't marry a Christian lady now unless she believed in my religion I'm not going to force her to change what what do you respond to those who blame religion for the social economic and political State of Nigeria today who say that the the lack of separation between States and religion is really the main problem in Nigeria today do you agree with them no I don't you know you know I mean this state does not really play it's a very liberal you know state it's a country where we see that were secular there's actually no secular but is it practice I think is practiced with a certain to a certain extent but some politicians used to play with religion which i think is very very bad and dangerous you know it's not good for anybody to use the religion as a game you know I mean that's between you and your good so I think they shouldn't some some people feel that what Boko Haram is doing right now in northern Nigeria could lead to a breakup of the country along religious and ethnic lines do you believe that well you know let me also tell you something that maybe which people need to know do you know or do you realize the Boko Haram actually people that they killed so far 70 percent of those people are Muslims so how do you define you know the this you know so it means that there are no fighting Christians I think there are just some people who are trying to create issues and problems in Nigeria hiding under this you know Boko Haram issues you know I mean which is a pity but I'm sure now everybody has woken up and I'm sure everybody will do its best it's not only government and one that will do it almost every single person society will have to rise up against this you know madness everyone has a role in response so as you said your cell from the prominent Dan Tata family of carnal state who have a great deal of influence in Nigeria's Muslim community you have a lot of money Alico dango de you have strong political connections running for office have you ever considered leaving business and getting into politics you know in it's just like clapping there's nothing there's no way you can clap with one of your hand you need another you know every way you go into politics if the economy is not doing well what are you going to rule you want to rule people in poverty right which is not right so I think people who are specialists in politics we will support the good ones they will go and run the you know the political side of the listen my old role is to see how can I develop Nigeria how can I create jobs what gives me joy is how many people have actually helped through job creation through doing so many things you know and in future I want to make sure than energy resource efficient in rail lines in power in a lot of things so I can do my own contribution I don't have to be compressible injera to say I don't go take for president I've never heard that word I'm only hearing for the first time from you know I've read it many times a lot of people think yeah yeah yeah I did you know but no I mean to be I don't go to thank you so very much thank you very much you

Channel: Al Jazeera English

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Keywords: forbes list, Africa Money, Aliko Dangote, kenya, nigeria, africa business, Africa's richest man, talktoaljazeera, talk to al jazeera, youtube, Africa, aljazeera, novod, business & economy, economy, africa economy, wealth, africa's wealthiest

Id: XRBGX59O-gg

Length: 25min 0sec (1500 seconds)

Published: Sat Sep 13 2014