Daily Question for 16 October
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Question

How did the Nigerian and African billionaires in these videos build their fortunes?

Response

The Nigerian and African billionaires in these videos describe a mix of persistence, service to others, systems, and relationships. One Nigerian entrepreneur, who built two billion-dollar companies, said that a billion-dollar company is a group of people who came together, and that making other people money is how you make money in Nigeria. He credited serving people and building systems that run automatically as central to scaling. Another Nigerian real estate developer said his success came from keeping his word and delivering quality on his name, and he emphasized a large portfolio of landed assets. The Nigerian stock exchange CEO said he got into finance through education at MIT and Wall Street and emphasized making money work for you through investing. The Africa-focused private equity founder said she built her fund by targeting gaps others ignored, namely small businesses and women, and that persistence mattered most. The Nigerian oil and gas executive said his mother's business example shaped him and that he learned to read a deal and negotiate. The richest Black man in the world, Aliko Dangote, said he began selling candy to classmates, moved into backward integration by producing what Africa had been importing, and credited humility, discipline, and being focused on the business. The billionaire banker described his attributes as hard work, discipline, and deferred gratification, and said that when luck comes you need to be prepared to notice it.

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