President of Dangote Group, Aliko Dangote, don describe him investment inside textile industry as the biggest business mistake wey him don make for him decades inside business.
Dangote make this disclosure for interview with Arise Television. For there, e reflect on some challenges wey e face while e dey build him business empire.
“My biggest business mistake na textiles,” e talk.
According to the industrialist, the textile business later collapse because policy protection no dey enough and wetin e call dumping by foreign manufacturers.
“Chinese dumping and Indian dumping swamp us. So eventually we had to close down,” Dangote talk.
E talk say the closure affect workers well well, especially employees of Nigerian Textile Mills for Ikeja, Lagos.
Dangote disclose say almost 8,000 workers lose their work across the textile business. Out of that number, 6,920 come from Nigerian Textile Mills for Ikeja alone.
“We laid off a total of almost 8,000 workers — 6,920 workers from Nigerian Textile Mills here in Ikeja alone,” e talk.
He talk say the experience shape how e take approach subsequent investments. E stress say e dey important to make sure say businesses remain viable even when government protection later withdraw.
Dangote comments come as concern dey continue about how local manufacturing industries go survive, plus the impact imported goods dey get on domestic production and employment.
