Africa is a continent brimming with potential and promise, yet it comes with its own unique set of challenges and opportunities for business leaders. In this intriguing conversation between two giants of industry, Aliko Dangote and Strive Masiyiwa discuss their journeys and the intricacies of doing business in Africa. From power shortages to government policies, they shed light on the road to success. Join us as we delve into their wisdom and experiences.

Powering Africa’s Progress:

Aliko Dangote, the man Forbes consecutively voted the most powerful in Africa, begins by sharing his journey. In 1989, he ventured into the cement industry, but challenges arose due to fierce competition from Chinese and Indian markets. Their retreat into trading led to an accumulation of cash, pushing them towards industrialization. They identified two major roadblocks: lack of electricity and inconsistent government policies.

A shocking statistic highlights the power crisis: Over 623 million Africans lack access to electricity, affecting nearly half of the population. Dangote emphasizes that power is a vital prerequisite for industrial growth. The second challenge lies in inconsistent government policies. Frequent policy changes deter long-term investments, making it essential to maintain friendly relations with the government.

READ ALSO: Unearthing Ghana’s Hidden Economic Giants

The Path to Success

Dangote Group’s growth story reveals a smart strategy – backward integration. They chose to produce goods they previously imported, utilizing their existing customer base, logistics, and infrastructure. Their journey began with cement, starting from a small terminal. Dangote tells the story of their acquisition of a terminal that eventually led to a business worth over $18 billion.

Dangote Group’s footprint now extends to 17 African countries, making it the first West African company on the Forbes Global 2000 list. With revenues of $4.2 billion, they are poised for a significant leap in the next two years, reaching $30 billion.

Strive Masiyiwa’s Telecommunications Revolution:

Strive Masiyiwa, a Zimbabwean entrepreneur and telecommunications engineer, shared his journey from being a “pots engineer” to revolutionizing telecommunications. His quest for a license to provide services in Zimbabwe led to initial skepticism from the government. Masiyiwa’s vision eventually led to 75% of Africans having access to a phone.

Masiyiwa’s success highlights the importance of persistence and conviction in the face of adversity.

Dealing with Corruption:

Corruption remains a concern in Africa’s business landscape, but both Dangote and Masiyiwa agree that it’s gradually improving. Dangote recalls an instance where he reported a bribery attempt to the president, emphasizing the need for transparency and accountability.

Masiyiwa’s experience resonates with the sentiment of change. He discusses the significance of education, skills development, and entrepreneurship in combating corruption and transforming societies.

Improvements in Government Policies:

One of the significant challenges discussed was the inconsistency in government policies. However, both leaders acknowledge that it has improved dramatically. Clarity and predictability in policies have increased, providing businesses with a more stable environment.

Masiyiwa emphasizes that industries today may not create many jobs, but promoting education and entrepreneurship is pivotal. Education lays the foundation for entrepreneurship, and skills development supports it. This holistic approach is essential for driving economic growth.

Click HERE to follow the DTC Official Gh channel on WhatsApp

Conclusion

The conversation between Aliko Dangote and Strive Masiyiwa offers invaluable insights into the dynamics of doing business in Africa. While challenges persist, the gradual improvements in government policies and a growing focus on education and skills development provide hope for the continent’s future. Africa’s potential is undeniable, and with the wisdom of leaders like Dangote and Masiyiwa, the path to success becomes clearer.

Watch Full Video: Aliko Dangote chat with Strive Masiyiwa on doing business in Africa

Join the conversation by leaving your comment below and don’t forget subscribe to our YouTube channel @ DTC OFFICIAL GH

This article was submitted by a business writer. If you have similar articles about business, personal development, life story or poem to share, kindly submit to articles@dtcofficialgh.com