• Aliko Dangote
Africa’s richest man, Aliko Dangote, has described his investment in Nigeria’s textile industry as the biggest business mistake of his decades-long career, blaming the eventual collapse of the business on foreign dumping and inadequate policy protection.
Dangote made the disclosure during an appearance on Arise Television, where he reflected on some of the major setbacks he encountered while building his business empire.
The textile industry was once one of Nigeria’s major industrial employers, particularly in cities such as Lagos, Kaduna and Kano. Its decline contributed to widespread factory closures and significant job losses, while imported textiles increasingly filled the gap left by domestic producers.
“My biggest business mistake was textiles,” the industrialist said.
According to Dangote, his textile investments were overwhelmed by imported products, particularly from China and India, making it increasingly difficult for locally manufactured textiles to compete.
“We were swamped by Chinese dumping and Indian dumping. So eventually we had to close down,” he said.
The collapse came at a significant human cost, with thousands of workers losing their jobs.
Dangote said his group laid off almost 8,000 workers following the closure, including 6,920 employees of Nigerian Textile Mills in Ikeja, Lagos, alone.
The experience, he explained, became an important lesson in industrial investment and policy risk.
Dangote said it reinforced the need for businesses to build strong fundamentals and remain commercially viable rather than depend indefinitely on government protection.
Dangote’s admission therefore goes beyond a personal business setback.
It offers a rare insight into the risks faced by Nigerian industrialists operating in an environment where policy consistency, trade protection, infrastructure and competition from imports can determine whether a major investment survives or fails
