Daijiworld Media Network - Abuja (SR)

Abuja, Apr 8: Aliko Dangote, a Nigerian billionaire, known as Africa's richest man, told a forum in Ivory Coast on Saturday, how he once withdrew USD 10 million in cash and took it home in the boot of his car just to see what it looked like.

The business tycoon said, "When you first start your business, the target is to make the first million. After a while when I had lots, I thought all these numbers are just written on the passbook. One day I went to the bank and encashed 10 million dollars, put it in the boot of the car and took it home for myself. It was only then that I believed I have money.” Aliko, a manufacturing tycoon with a range of companies spanning from cement to flour, told the Mo Ibrahim Foundation in Abidjan.

On a serious note, Aliko said that the two most promising sectors for Africa's future were agriculture and new technology, but he advised young entrepreneurs in the forum, not to get carried away when they succeed.

"Often in Africa we spend our projected incomes. There are ups and downs in business," he warned. Dangote said he regretted the customs and administrative problems that hamper business development throughout the continent.

As an example, he cited the difficulties his cement company faces in exporting to Benin from Nigerian factories, 40 kilometers from the border. Benin, the West African country, imported 'more expensive' cement from China instead.