{"id":911350,"date":"2026-06-08T18:12:21","date_gmt":"2026-06-08T23:12:21","guid":{"rendered":"https:\/\/newsycanuse.com\/index.php\/2026\/06\/08\/fx-crisis-forced-me-out-of-flour-textile-business-dangote\/"},"modified":"2026-06-08T18:12:21","modified_gmt":"2026-06-08T23:12:21","slug":"fx-crisis-forced-me-out-of-flour-textile-business-dangote","status":"publish","type":"post","link":"https:\/\/newsycanuse.com\/index.php\/2026\/06\/08\/fx-crisis-forced-me-out-of-flour-textile-business-dangote\/","title":{"rendered":"\u2018FX crisis forced me out of flour, textile business\u2019 \u2014 Dangote"},"content":{"rendered":"
\n

<\/a><\/p>\n

Aliko Dangote, chairman of the Dangote Group, says he exited
\nhis flour and textile businesses due to foreign exchange (FX) challenges.<\/p>\n

Dangote spoke during an interview with Nicolai Tangen, the
\nchief executive officer (CEO) of Norges Bank Investment Management, posted on
\nYouTube on Wednesday.<\/o:p><\/p>\n

The billionaire also talked about critical decisions that
\nshaped his business journey.<\/o:p><\/p>\n

\u201cYes, I exited that (flour and textile) because of the
\nforeign exchange challenges. But today, we are very good in terms of exports,\u201d
\nhe said.<\/o:p><\/p>\n

The industrialist said part of the company\u2019s new proposition
\nis a commitment to pay dividends in dollars across key businesses, including
\ncement, refinery, petrochemicals, and fertiliser.<\/o:p><\/p>\n

\u201cWe guarantee to pay you dividends in dollars because we are
\nvery well into exports. 80 percent of our revenue will be in dollars, that is
\nwhy we are saying you have a choice,\u201d Dangote said.<\/o:p><\/p>\n

\u201cIf you want, for locals, we can pay you in naira. But if
\nyou don\u2019t want naira, you want to derisk\u2026 because most foreign investors,
\nsometimes, once they invest in a company, what actually matters to them is that
\nwhen they get their dividends, it is difficult to also get money to buy and
\nremit your money? But we have addressed that issue.\u201d<\/o:p><\/p>\n

Speaking on how he chooses sectors to invest in, the
\nchairman said his business strategy is driven by local demand and reducing
\nNigeria\u2019s dependence on imports.<\/o:p><\/p>\n

\u201cWe do what you call \u2018backward integration\u2019. We produce what
\nwe need, and we are now producing things that when you wake up as a human being
\nevery morning, you must use part of what we produce,\u201d he said.<\/o:p><\/p>\n

\u2018I SOLD MY PROPERTIES IN US, UK TO FOCUS ON BUSINESS IN
\nNIGERIA\u2019<\/o:p><\/p>\n

The billionaire also spoke about the personal sacrifices
\nbehind his business journey, revealing that he sold his properties in the
\nUnited States (US) and the United Kingdom (UK) to focus fully on building
\nbusinesses in Nigeria.<\/o:p><\/p>\n

\u201cWhen I decided to go into the industry, you know what I
\ndid? I sold all my properties in the US. I had two houses in the US, big
\nmansions, and I had a house in the UK. I wanted to really sit in Nigeria and
\nconcentrate,\u201d Dangote said.<\/o:p><\/p>\n

\u201cWhen you own a holiday home anywhere, you have to create
\ntime to go and use that property. Now my life is very simple. Wherever I go, I
\nuse hotels. I pay. When I leave, nobody will call me and say I have a burst
\npipe or something is wrong.\u201d<\/o:p><\/p>\n

The industrialist said he remains fully committed to his
\nwork and approaches every venture with a clear long-term vision.<\/o:p><\/p>\n

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Read More<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Aliko Dangote, chairman of the Dangote Group, says he exited his flour and textile businesses due to foreign exchange (FX) challenges. Dangote spoke during an interview with Nicolai Tangen, the chief executive officer (CEO) of Norges Bank Investment Management, posted on YouTube on Wednesday. The billionaire also talked about critical decisions that shaped his business […]<\/p>\n","protected":false},"author":1,"featured_media":911351,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[150086,3824,104640],"tags":[],"class_list":["post-911350","post","type-post","status-publish","format-standard","has-post-thumbnail","category-fx","category-crisis","category-youtube-videos"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/911350","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/comments?post=911350"}],"version-history":[{"count":0,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/posts\/911350\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media\/911351"}],"wp:attachment":[{"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/media?parent=911350"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/categories?post=911350"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsycanuse.com\/index.php\/wp-json\/wp\/v2\/tags?post=911350"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}