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How To Become A Billionaire: Nigeria's Oil Baroness Folorunso Alakija On What Makes Tomorrow's Billionaires


<b>How To Become A Billionaire: Nigeria's Oil Baroness Folorunso Alakija On What Makes Tomorrow's Billionaires</b>The second African richest woman shares her thoughts on what makes tomorrow's billionaires.
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There are lots of business opportunities in Africa that do not exist in other parts of the world. But governments need to encourage and support young startups. African governments should build and strengthen the continent's infrastructure - power, roads and telecommunications. They should encourage young entrepreneurs by making sure that finance is available to businesses with the potential for growth and also commit to improving business environments through sustained investment. There must be efficient policies and legislations that promote business activities and entrepreneurship. Besides the need for governments to promote investment and foster entrepreneurship, Folorunso Alakija tells young entrepreneurs that there is no overnight success. This is her formula for success: You must start by dreaming big and working towards achieving it. You must be determined to succeed despite all odds. Do not allow your setbacks or failures to stop you but rather make them your stepping stone. Develop your strengths to attain excellence and be tenacious, never give up on your dream or aspiration. Your word must be your bond. You must make strong ethical values and integrity your watchword. Always act professionally and this will enable you to build confidence in your customers and clients. 69-year-old Folorunso Alakija is vice chair of Famfa Oil, a Nigerian oil exploration company with a stake in Agbami Oilfield, one of Nigeria's largest deep water oilfield development projects in the central Niger Delta. Famfa Oil's partners include Chevron, an American multinational energy corporation and Petrobras, another a multinational corporation in the petroleum industry headquartered in Rio de Janeiro, Brazil. Beside the oil industry, she is also involved in the fashion, real estate and printing industries. She is the managing director of The Rose of Sharon Group which consists of The Rose of Sharon Prints & Promotions Limited and Digital Reality Prints Limited. She's also a majority stake holder in DaySpring Property Development company. Folorunso Alakija's first company was a fashion label. The Nigerian government awarded Alakija's company an oil prospecting license in 1993, which was later converted to an oil mining lease.

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