Aliko Dangote says he had to choose between completing his $19 billion refinery project in Lagos and acquiring Arsenal
Aliko Dangote, president and chief executive officer (CEO), Dangote Group, has called for a law that will ensure all dealers of prohibited foreign textile materials are jailed with no option of fine.
Dangote made this known at the 50th annual general meeting of the Manufacturers Association of Nigeria (MAN) in his lecture titled ‘Agenda Setting for Industrialising Nigeria in the Next Decade’.
The industrialist said foreign companies are dumping their materials in Nigeria, adding that the practice is not obtainable in some other countries.
“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,” PUNCH quoted him as saying.
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“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.
“Today, people would be sent to jail in India for selling foreign textiles anywhere. Also, if something is banned in the United States of America for example, there is no way it could be displayed for sale in a shop.
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“But what is stopping the implementation of Nigeria’s government policies is the absence of the political will to make sure that we implement those policies no matter who is going to be upset by us.
“If we have a prosperous environment the insecurity will drop.”
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.
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