Africa’s richest man and President of the Dangote Group, Aliko Dangote, has disclosed that his investment in Nigeria’s textile industry was one of the biggest mistakes of his business career, despite committing billions of naira to the sector. He made the revelation during an interview with ARISE News presenter Ojy Okpe, reflecting on ventures that preceded his rise as one of Africa’s most prominent industrialists.
Dangote recalls costly textile investment
According to Dangote, the textile venture was particularly challenging, as huge capital investments failed to yield expected results. He established Dangote General Textile Mills in Kano and acquired the foreign shareholder in Nigeria Textile Mill to strengthen his position. However, the investment became unsustainable due to inadequate protection for local manufacturers and intense competition from imported textiles.
The experience influenced Dangote’s subsequent focus on large-scale industrial projects in cement, fertiliser, petrochemicals, and petroleum refining. His latest venture, the Dangote Refinery, has expanded Nigeria’s domestic refining capacity and is currently the subject of a public offer on the Nigerian Exchange.
Billionaire questions Africa’s luxury spending culture
Dangote also criticised wealthy Africans who spend heavily on private jets and luxury items instead of investing in productive businesses. He argued that Africa needs its wealthiest individuals to invest more in factories that create jobs, boost production, and reduce import dependence. He said luxury spending provides personal comfort but does little to create large-scale employment or drive industrial development.
Interestingly, Dangote acknowledged he was once attracted to the same luxury lifestyle. He said he bought his first private aircraft at about age 22, showing his views have evolved over the years. As his empire expanded, his priorities shifted toward investments that produce long-term economic value.
Dangote plans to become top fertiliser producer
Legit.ng earlier reported that Dangote plans to make the Dangote Group and Nigeria the world’s leading producer of fertiliser. His fertiliser plant in Lagos aims to increase urea production from 3 million to 12 million tonnes by 2028. Dangote’s business interests today span cement, oil refining, fertiliser, petrochemicals, and food production, with operations across several African countries.
For Dangote, wealth is ultimately measured not only by luxury but also by the industries, jobs, and economic opportunities it can create.
