Textiles was my biggest business mistake — Dangote

Dangote disclosed that almost 8,000 workers were laid off across the textile business, with 6,920 of them coming from Nigerian Textile Mills in Ikeja alone.

Published

2 months ago

September 15, 2026

OCHEFA

216 Views

•Aliko Dangote

President of Dangote Group, Aliko Dangote, has described his investment in the textile industry as the biggest business mistake of his decades in business.

Dangote made the disclosure during an appearance on Arise Television, where he reflected on some of the challenges he encountered while building his business empire.

Dangote’s comments come amid ongoing concerns over the survival of local manufacturing industries and the impact of imported goods on domestic production and employment.

“My biggest business mistake was textiles,” he said.

According to the industrialist, the textile business eventually collapsed due to inadequate policy protection and what he described as dumping by foreign manufacturers.

“We were swamped by Chinese dumping and Indian dumping. So eventually we had to close down,” Dangote said.

He said the closure had a significant impact on workers, particularly employees of Nigerian Textile Mills in Ikeja, Lagos.

Dangote disclosed that almost 8,000 workers were laid off across the textile business, with 6,920 of them coming from Nigerian Textile Mills in Ikeja alone.

He said the experience shaped his approach to subsequent investments, stressing the need to ensure that businesses remain viable even when government protection is eventually withdrawn.

Up Next

Naira Exchange Rates To Dollar, Pound, Euro…Wednesday, 16 September 2026

Don't Miss

Dangote: Africa Is Like a ‘Scratch Card’ — Opportunities Are Immense

Click to comment

Naira Exchange Rates Thursday, 5 Nov 2026

Published

1 day ago

November 5, 2026

OCHEFA

105 Views

BLACK/ PARALLEL MARKET RATES

₦1400DOLLAR (USD)

₦1830POUND (GBP)

₦1515 EURO (EUR)

₦950 CANADIAN DOLLAR (CAD)

₦70 SOUTH AFRICAN RAND (ZAR)

₦350 UAE DIRHAM (AED

₦190 Chinese YUAN (CNY)

₦100 Ghanaian CEDI (GHS)

West African CFA ₦2240 (XOF)

Central African CFA ₦2180 (XAF)

₦820 Australian Dollar AUSSIE (AUD)

NNPCL wants to sell 10% equity via IPO on NGX, LSE

NNPC is expected to spend at least the whole of 2027 preparing for the proposed offering, with the listing primarily intended to strengthen corporate transparency and governance in line with Nigerian law.

Published

2 days ago

November 4, 2026

OCHEFA

136 Views

The Nigerian National Petroleum Company Limited (NNPC Ltd.) is considering selling between 5% and 10% of its equity through a potential initial public offering (IPO), with the proposed listing expected to focus primarily on Nigeria’s domestic capital market.

The Group Chief Executive Officer of NNPC Ltd., Bashir Bayo Ojulari, disclosed this in an interview with Reuters on Tuesday, November 3, 2026, adding that the company could also pursue a secondary listing in London or New York.

The disclosure comes shortly after the Dangote Petroleum Refinery’s IPO closed on October 27, following a two-week extension of its subscription period from the initial October 13 deadline.

Ojulari indicated that raising additional capital would be a secondary consideration rather than the main reason for going public.

The company is also considering listing some of its subsidiaries separately, following a model adopted by Abu Dhabi National Oil Company (ADNOC), the United Arab Emirates’ state-owned oil company.

Beyond the potential IPO, Ojulari disclosed that Chinese companies have expressed interest in acquiring equity stakes in some of NNPC’s smaller refineries, particularly the Port Harcourt and Warri facilities, which require substantial rehabilitation.