Aliko Dangote, President of Dangote Group, has described his investment in Nigeria’s textile industry as the biggest mistake of his business life.

Dangote made the disclosure during an interview with ARISE News’ Ojy Okpe, where he reflected on some of the major business ventures he pursued before building his industrial empire.

The billionaire businessman said his experience in the textile industry was particularly challenging despite the substantial capital invested in the sector.

According to him, his textile investments included the establishment of Dangote General Textile Mills in Kano and the acquisition of the foreign shareholder in Nigeria Textile Mill.

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Dangote said the investment eventually became unsustainable as the industry faced several challenges, including inadequate protection for local manufacturers and competition from imported textiles.

He explained that the difficulties confronting local producers made it increasingly difficult for textile businesses to remain viable despite the huge investments committed to the sector.

Following his experience in the textile industry, Dangote shifted greater attention to other large-scale industrial ventures, particularly cement, fertiliser and petroleum refining.

One of his most prominent investments is the Dangote Refinery, which has significantly expanded Nigeria’s domestic refining capacity and represents a major expansion of the group’s industrial interests.

The refinery is also currently at the centre of Dangote Group’s public offer on the Nigerian Exchange, as the company seeks to broaden public participation in the business.