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Dangote Started with N98.5million NOT N500,000

Monday, November 16, 2015

Each time people say Dangote started with 500,000 Naira, I shake my head and tell myself if only they knew what that worth back then.

Dangote as a firm was founded in 1981.
In 1981, a Dollar equivalent to Naira was NGN0.61 (61kobo)
REF (Naira Historical Value):

Dangote got N500,000 to kick start his business at this period.

Today a dollar equivalent to Naira is set at NGN197 (197 Naira).
Multiplying 500,000 by 197 will give us NGN98,500,000 (98.5 Million Naira)

I also wonder why people keep preaching about Dangote been from Rags to Riches when he was actually born into a wealthy family in 1957.

Who on earth will lend out 98.5million to someone today?
When this happens, I will continue this article.

Till then, people should stop saying Dangote started with 500,000 Naira like its a meager amount of money, because its actually 98.5million Naira today!

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