Family Businesses Drive Global Economy, Says Halima Dangote

Halima Aliko-Dangote, Group Executive Director of Dangote Industries Limited, has highlighted the pivotal role of family-owned businesses (FOBs) in driving global economic success, creating shareholder value, and fostering community development. Speaking at the Forbes Global CEO Conference in Bangkok, Thailand, Halima emphasized that the resilience and long-term focus of these enterprises make them instrumental to the global economy.

Speaking on the panel titled Family Business: Looking at the Next Frontier, alongside other notable executives, Halima noted that family businesses contribute over 70% of global GDP and generate $60-$70 trillion in annual revenues. They also account for approximately 60% of global employment, according to McKinsey studies.

“Family-owned businesses (FOBs) have proven to be resilient, weathering challenges and thriving across multiple decades,” she said. “Despite external pressures, many FOBs not only survive but grow, contributing significantly to the global economy in ways that are often underestimated or overlooked.”

Core Values and Strategic Practices

Halima attributed the success of Dangote Industries to its adherence to shared values, robust governance structures, and a commitment to long-term growth. She explained that family businesses must align their operations with values such as integrity, leadership, and philanthropy while optimizing shareholder value and maintaining customer satisfaction.

“We, family-owned businesses, have to stick to our tradition of being asset-rich but cash-moderate—or as my father would correct me, asset-rich but cash-poor,” she remarked. “We perpetuate a profitable business with strong values and governance. We make money while building our nation by contributing to the global economy, creating jobs, and thinking of future generations.”

Halima stressed the importance of governance in ensuring the sustainability of family businesses. She revealed that Dangote Industries ensures all its business units include at least three independent directors, fostering a holistic approach to decision-making.

Preparing the Next Generation

On succession planning, Halima advocated for a dual approach involving internal and external capacity building. Internally, young family members undergo rigorous training through internships, preparing them for future leadership roles. Externally, younger generations gain valuable experience by working outside the family business before assuming roles within it.

“In Nigeria, we train the next generation to grow organically into leadership positions. My dad’s approach is to start from the ground up, knowing that hard work and dedication will eventually earn you a leadership role,” she said, adding that her own career began as an Analyst at KPMG before joining Dangote Industries.

Balancing Tradition and Innovation

Halima also emphasized the need to balance tradition with innovation. While tradition offers continuity and stability, innovation ensures relevance and competitiveness in a rapidly changing market.

“Successful family businesses recognize the need to adapt to changing consumer preferences, technological advancements, and market trends,” she said. “They combine deep-rooted traditions with external expertise and fresh perspectives to stay ahead.”

Sustaining Community Impact

Halima’s remarks underscored the broader societal impact of FOBs, particularly in sectors such as manufacturing, education, healthcare, and infrastructure. She noted that family businesses are uniquely positioned to sustain communities and drive development, creating opportunities that span generations.

In her concluding remarks, Halima called for FOBs to remain committed to their core values while embracing strategies that ensure resilience and sustained impact: “The love of God should bind us, not blind us. Let us continue to lift others as we grow and leave lasting legacies for the future.”

This call to action reinforces the indispensable role of family businesses in shaping a sustainable and inclusive global economy.