7 Billionaire Exporters in Nigeria
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African CEOs - April 24, 2023

7 Billionaire Exporters in Nigeria

Nigeria has produced a number of billionaire exporters who have made their fortunes transporting various goods and services to other countries.

These individuals have not only distinguished themselves but are massively contributing to the growth of Nigeria’s economy. From the largest producer of cement in Sub-Saharan Africa to telecommunications services that have connected millions of people across the continent, these entrepreneurs have demonstrated the potential of Nigerian businesses to compete on a global scale.  

Aliko Dangote

Africa’s richest man, Aliko Dangote tops the list as Chairman and Founder of Dangote Group, a diversified and fully integrated conglomerate. Dangote who once said, “When you export, you are creating jobs – Nigeria should export whatever it can,” leads Dangote Cement with a vision of making West and Central African cement and clinker self-sufficient. It exports cement to other African countries. Also, the Ibeju Dangote Fertilizer Plant, which has an installed capacity of 3.0 million metric tonnes of Urea per annum is billed to export to other countries including the United States, India, and Brazil.

Abdulsamad Rabiu

Abdulsamad is the chairman of BUA Group, a leading conglomerate in food processing, infrastructure, manufacturing and mining. In 2022, he unveiled BUA Foods as part of plans to consolidate its food businesses and maintain its market leadership in agribusinesses. The company also secured its first two shipping vessels to augment its sugar export operations to the West African market.

Mike Adenuga

Mike Adenuga is another prominent Nigerian billionaire and a major exporter of telecommunications services through his company, Globacom. The telecom company operates in Nigeria and other African countries, providing mobile phone and data services to millions of people across the continent. In June 2008, Glo Mobile was launched in Benin Republic and about 600,000 SIM cards were sold in the first ten days of operation. It also acquired an operating license in Ghana and eventually launched the submarine optical fiber GLO1 in April 2011.

Folorunsho Alakija

Nigeria’s richest woman, Folorunsho Alakija leads one of the largest indigenous exporters of Crude Oil in Nigeria, Famfa Oil Limited. It exports gasoline, Brent Crude Oil, West Texas Intermediate (WTI) Crude Oil, and natural gas to other countries. Alakija’s company is committed to developing one of the deepest and largest offshore discoveries in the Gulf. 

Tony Elumelu 

Nigerian banker and businessman, Tony Elumelu have made his fortune exporting financial services through his company, Heirs Holdings. Operating as an investment company, Heirs Holdings Ltd prioritises the power, oil and gas, real estate, agribusiness, and financial services sectors. It is committed to improving lives and transforming Africa by investing in Africa’s most strategic sectors. Some companies under Heirs Holdings include Africa Prudential Plc (AP Plc), United Bank for Africa (UBA), Heirs Insurance (HIL), Heirs Insurance Brokers (HIB), United Capital Plc and Heirs Life Assurance (HLA).

Innocent Ifediaso Chukwuma 

Innocent is the founder and CEO of Nigeria’s first indigenous automobile manufacturing company, Innoson Vehicle Manufacturing(IVM). IVM produces 70% of its car parts locally, and the rest are sourced from Japan, China and Germany. It delivered the first batch of cars ordered by the Government of Sierra Leone for some of its military personnel in 2022. In 2021, it also signed a memorandum of Understanding ( MoU) with a Malian firm to export 400 locally-made vehicles to the country.  

Ade Ogundeyin

Ade Ogundeyin is the founder and Group Managing Director of Proforce (Defence) Limited, a total defence solution provider specialised in manufacturing Armoured Vehicles, Body Armoured and other defence mobility products. It has delivered 20 Mine Resistance Armoured Protected Vehicles (MRAPs) to the Republic of Chad. The Nigerian firm has a roll call of clients including the UN and nations on the African continent, such as the armies of Chad, Mali, Rwanda, South Sudan, Niger, and the Central African Republic. It also makes Armoured SUVs, Cash-In-Transit Vehicles (CITs) and Tactical Armoured Vehicles (TAVs).

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