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Aliko Dangote, President of the Dangote Group, has described his investment in Nigeria’s textile industry as one of the biggest mistakes he made in his business career.
Dangote made the remark during an interview with Ojy Okpe of ARISE News, while reflecting on some of the business ventures he pursued before consolidating his position as one of Africa’s leading industrialists.
He said his experience in the textile sector was particularly difficult, despite the huge amount of capital committed to the industry.
Dangote disclosed that he invested billions of naira in the textile business, including 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 him, the investment eventually became unsustainable due to challenges facing Nigeria’s manufacturing sector, particularly inadequate protection for local producers and competition from imported textiles.
The businessman has since focused much of his attention on large-scale industrial projects, including cement, fertiliser and petroleum refining.
His Dangote Refinery, which has commenced a public offer on the Nigerian Exchange, represents one of the group’s biggest investments and a major expansion of Nigeria’s domestic refining capacity.
