President of Dangote Group, Aliko Dangote has described his investment in Nigeria’s textile industry as the biggest mistake of his business life, saying the venture suffered major setbacks despite the huge capital committed to it.
Key Highlights
- Aliko Dangote has described his investment in Nigeria’s textile industry as the biggest mistake of his business career.
- The billionaire made the disclosure during an interview with ARISE News’ Ojy Okpe.
- Dangote said his textile ventures suffered major setbacks despite the huge capital invested in the sector.
- His textile investments included Dangote General Textile Mills in Kano and the acquisition of a foreign shareholder in Nigeria Textile Mill.
- He identified intense competition from imported textiles and inadequate protection for local manufacturers as major challenges.
Dangote made the disclosure during an interview with ARISE News’ Ojy Okpe, while reflecting on some of the major investments he made before building his business empire.
The billionaire businessman said his experience in the textile industry was particularly challenging, with the venture eventually becoming unsustainable amid difficulties confronting Nigeria’s manufacturing sector.
He disclosed that his textile investments included the establishment of Dangote General Textile Mills in Kano and the acquisition of the foreign shareholder in Nigeria Textile Mill.
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According to Dangote, local textile manufacturers face serious challenges, including inadequate protection for domestic producers and intense competition from imported textiles.
He said these difficulties made it increasingly difficult for businesses in the sector to remain viable despite the substantial investments involved.
Following his experience in the textile industry, Dangote shifted greater attention to large-scale ventures in sectors such as cement, fertiliser and petroleum refining.
The Dangote Refinery has since become one of the group’s most significant investments, substantially expanding Nigeria’s domestic refining capacity.
The refinery is also at the centre of the group’s public offer on the Nigerian Exchange, as Dangote seeks to widen public participation in the business.
Dangote’s reflection on his textile investment highlights the challenges confronting Nigeria’s manufacturing sector and the risks associated with large-scale investments in industries exposed to intense import competition.
