Aliko Dangote reflects on textile industry losses and NGX growth

Aliko Dangote, President and CEO of Dangote Industries Limited, has reflected on both past business failures and the current evolution of Nigeria’s financial markets.

Recalling a major setback from 30 years ago, Dangote detailed how massive investments in the Nigerian textile industry failed due to intense competition from Chinese and Indian imports. The collapse of his textile ventures, including Dangote General Textile Mills in Kano, resulted in significant financial losses and the displacement of thousands of workers. To settle obligations and pay pensions, he sold Liberty Merchant Bank for approximately N1.2 billion.

In contrast, Dangote recently commended the leadership of the Nigerian Exchange Group (NGX) for transforming the nation’s capital market into a competitive trading hub. He specifically praised Chairman Alhaji Umaru Kwairanga and Group Managing Director Temi Popoola for the market's modernization.

This market evolution is highlighted by the ongoing Dangote Refinery IPO, which seeks to raise approximately N2.15 trillion. The public offer, which opened on September 14, 2026, aims to provide retail and institutional investors with stakes in one of Africa’s largest industrial ventures.