Dangote launches a personal crusade against foreign textile dealers in Nigeria

Dangote has asked the Federal Government of Nigeria to be more hard-handed with foreigners who trade textile materials in Nigeria.

Africa’s richest man and CEO of the Dangote Group has asked for the offensive to be taken to foreign textile traders who have refused to go through the legal channel.

During his lecture at the 50th annual general meeting of the Manufacturers Association of Nigeria (MAN) titled ‘Agenda Setting for Industrializing Nigeria in the Next Decade,’ he mentioned that dealers of prohibited foreign textile materials should be jailed without the option of a fine.

He asked the Nigerian government that it be passed into law, noting that there are numerous economies that are very intolerant of such practices.

He went ahead to reveal that foreign companies are dumping their materials in Nigeria, with little to no regard, and the country cannot just sit back and watch. He charged the government to take action, similar to the action that would be exerted if it were another nation.

He stressed his point extensively stating, “For the textile industry, I believe the government should draft legislation in the National Assembly that states that anyone selling prohibited foreign textiles must face prison time without the option of a fine. So it’ll just be going to jail, even if it’s only for two years.”

He continued, alluding to the potential for crime if the operations of these textile traders are not properly regulated. He also noted that importation as a whole stifles economic prosperity.

“The real issue in the textile industry is not a lack of less expensive power. The textile will not last if you give them cheaper power but allow the smuggling to continue.

What is happening is that foreign companies are dumping their products in Nigeria. That is why I dislike importing. When you import, you are importing poverty while exporting prosperity and job opportunities.”

In 2019, the Central Bank of Nigeria (CBN) placed a ban on the sale of foreign exchange at the official window for importers of textiles.