AFRICA’S richest man and CEO of the Dangote Group has urged the authorities to take tough measures against 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 Industrialising Nigeria in the Next Decade, he said that dealers of prohibited foreign textile materials should be jailed without the option of a fine, according to Business Insider Africa.
He asked the Nigerian government to enact legislation to outlaw the practice, noting that there are numerous economies that are very intolerant of such practices.
Dangote accused foreign companies of dumping their products in Nigeria, saying the country cannot just sit back and watch
‘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 stressed.
‘The real issue in the textile industry is not a lack of less expensive power. The textile industry 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, he added.
In 2019, the Central Bank of Nigeria (CBN) imposed a ban on the sale of foreign exchange at the official window for importers of textiles.