Daily Question for 21 October
Daily QuestionOne a day

Question

How did the Nigerian billionaires say they got rich, and what did they say about scaling businesses?

Response

The Nigerian billionaires in these interviews credited a mix of relationships, discipline, and systems. The Andela and Flutterwave co-founder said that in Nigeria you only make money by making other people money, and that networking starts with serving people and being willing to help. He said his mentor taught him that a billion-dollar company is really many people who could each have built a $10 million business and chose to build one together, so his own superpower is aligning teams. The Ecoy billionaire, Mr. Tony, named hard work, discipline, and deferred gratification as the attributes that built him, and said he went without a car for a long time to buy property instead. On scaling, the Andela co-founder said the key is building systems and making things automatic, such as recruiting and onboarding on a fixed schedule, so the business keeps growing. Aliko Dangote described scaling through backward integration, producing in Africa the goods the company used to import, rather than only trading them.

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