Foremost African industrialist, Aliko Dangote has advised African entrepreneurs to re-invest into their businesses instead of spending on luxury after making little profits.
He made this call in an exclusive interview with Mo Ibrahim as he advised African youths to focus more on ICT and Agriculture. “These are the two promising sectors that the youths need to focus on. But a lot of people, even the younger ones need to be very careful.”
According to him, one of the biggest problems with African entrepreneurs is that they spend their projected incomes on luxury things.
“Once you start doing business and the business is doing well, rather than for them to keep on re-investing in the business, they begin to spend money, thinking that the profit will continue to come.
There are ups and downs in business and so you need to be much focused and see of what to do and how to do it.
You are not supposed to buy luxury because luxury takes your time, which will not make you focus on your business. I don’t have any holiday home anywhere. I don’t have a house anywhere. But I know people who are working for me who have house in London but I don’t.”