Behind every success story, there is always that struggle which is not so known to many. Such is the case of some billionaires like Aliko Dangote, who have records of failed businesses before finally becoming Africa’s number one billionaire.
Dangote shared personal experience during his keynote speech at the 2024 Manufacturers Association of Nigeria (MAN) summit in Abuja according to an Independent.ng report. He claimed his company lost billions of naira in investment due to his entry into the textile sector.
Dangote talked about his challenges in the rapidly expanding Nigerian textile industry and why his two plants had to close.
Following the 1960s textile boom, the chairman of the Dangote Group said that his company invested billions of naira in the sector.
However, the two plants were shut down because the government did not protect policy decisions.
Dangote stated that he was forced to sell Liberty Merchant Bank for N1.2 billion to cover the pensions and gratuities owed to Nigeria’s textile mill employees.
