Dollarizing Your Income: A Key Lesson from the Richest Black Person, Aliko Dangote
Aliko Dangote, the wealthiest Black person globally, teaches one vital financial strategy: dollarizing income. His success is built not just on opportunities but on foresight and adaptability. With many African currencies facing continuous depreciation, he emphasizes the importance of earning in stable foreign currencies—particularly the U.S. dollar.
Why Dollarization Matters
In 2013, the Nigerian naira exchanged at 156 per dollar, but today, the rate exceeds 1,500 naira. Similarly, the Ghanaian cedi dropped from around 4 cedis per dollar to over 16. This can be said of most African countries. This currency depreciation erodes the purchasing power of those earning solely in local currencies. In response, Dangote strategically shifted his focus to projects that generate dollar-based revenues, such as the refinery, which will secure 75% of his group’s income in foreign currency. The refinery alone is expected to contribute $26 billion from $30 billion revenue expected by end of 2025.
Practical Steps to Earn in Dollars from Africa
Adopting Dangote’s strategy can benefit anyone, even without managing a refinery. Here are practical ways to earn foreign currency from Africa:
- Freelancing platforms: Websites like Upwork and Fiverr allow you to offer services globally, earning in dollars while working from home.
- Exporting goods and services: Identify local products with international demand and target global markets.
- Consultancy or online education: Teach, coach, or consult online to foreign audiences, creating a steady dollar income stream.
- Remote jobs with international firms: Look for remote roles with companies abroad that pay in dollars.
By earning in dollars, you shield yourself from the impact of local currency depreciation, ensuring your income maintains its purchasing power.
Make the Change Today
The mass migration from Africa to developed countries is often driven by financial instability. Many jobs abroad offer higher value simply because of exchange rates, not necessarily because they pay more in nominal terms. But you don’t need to leave your home country to earn a living in dollars. Identify global needs you can meet from Africa and start building your path to financial stability.
Take action today!
Leverage global opportunities, dollarize your income, and secure your financial future. If Dangote can achieve this on a grand scale, you can apply the same principles to transform your life and business. The goal is not just to survive but to thrive—without leaving your loved ones behind. Start small, but think global.
