Question
How did the Nigerian billionaires say they got rich, and what did they say about scaling a business?
Response
The Nigerian billionaires framed getting rich as creating value for other people. The Andela co-founder said wealth comes from productivity, and that in Nigeria you only make money by making other people money. He described moving people earning about $100 a month into careers paying several hundred thousand dollars a year. The real estate developer stressed that your name and integrity are the first thing that makes you money, and that you have to keep your word. The Ezone chairman listed hard work, discipline, and deferred gratification as his core attributes, and said he skipped buying a car early on to acquire property instead. Scaling, in their telling, depends on systems and people. The Andela co-founder said the key is making things automatic, with recruiting, onboarding, and annual reviews running on a fixed schedule, and that a billion-dollar company is really a team of people who could each have built a $10 million business alone. Dangote described backward integration, producing locally what the company used to import, and the oil and gas dealmaker credited his ability to read and close a deal.
Sources & references
- 01Asking Africa's Richest Men How They Got Rich!2:42(opens on YouTube in a new tab)
Wealth is a function of your productivity, right?
- 02Asking Africa's Richest Men How They Got Rich!3:19(opens on YouTube in a new tab)
In Nigeria, if you don't make other people money, you don't get to make money.
- 03Asking Africa's Richest Men How They Got Rich!4:18(opens on YouTube in a new tab)
Well, it's it's all about systems. So, when you want to scale, the most important thing that you need to do is you need to make things automatic.
- 04Asking Africa's Richest Men How They Got Rich!4:51(opens on YouTube in a new tab)
A billion-dollar company is just a bunch of people who could have individually built $10 million businesses who decided to come together and build one business.
- 05Asking Africa's Richest Men How They Got Rich!20:59(opens on YouTube in a new tab)
First is hard work. Two is discipline. Three deferred gratification, deferred consumption.
- 06Asking Africa’s Richest Man How He Made $30 Billion!14:51(opens on YouTube in a new tab)
So, I tried to do what you call backward integration to now produce what we used to import.