Here is what is at stake: $4 billion.
That is the estimated retail value of Sub-Saharan Africa's wax print market. Billions spent every year on fabric worn by millions of Africans. Fabric that, for nearly two centuries, has been manufactured in Europe—not on the continent where it is sold and worn.
Vlisco has been selling to Africa since 1846. Almost 180 years. Their profits come almost exclusively from African consumers. The company's former British owner, Actis, had no connection to the continent except through the money Africans spent on their products.
In 2020, a $190 million financing facility was secured from Afreximbank to acquire Vlisco. The total bid was approximately $200 million. The African Continental Free Trade Area (AfCFTA) publicly supported the bid. Its Secretary General, Wamkele Mene, stated: "We cannot express a value judgement as to the reasons for the bid of Made in Africa – which was the higher bid – being rejected. We do however firmly believe that where an African company puts forward a formidable bid for a foreign company that appears to profit exclusively from sales to Africa, supported by a leading African trade finance bank, the African company has a reasonable expectation to successfully conclude the transaction in favour of Africa" .
The bid was rejected. The higher bid. Rejected.
In 2023, Vlisco was sold to Parcom, a Dutch private equity firm.
Why does this matter for Africa's economic future?
Because the same pattern repeats across the continent. Africa produces cotton. Africa exports raw materials. Africa imports finished goods. Today, 90 percent of Africa's cotton is exported raw. The continent imports over $23 billion in textiles, apparel, and footwear annually .
Think about that. We grow the cotton. We send it away. We buy back the clothes. We lose the jobs, the factories, the skills, the wealth.
The textile industry could be Africa's path to create more industries. It employs thousands. It creates value at every stage: ginning, spinning, weaving, dyeing, cutting, sewing, retail. The International Trade Centre estimates that if African countries fully developed their textile value chains, the continent could export €5.8 billion in cotton garments by 2026—and nearly 15% of that could be destined for African markets alone. Two-thirds of intra-regional export potential is still untapped. The industry could generate 5.8 million jobs across the continent .
Therefore we need to own the companies that serve our markets. Look at how Dangote Refinery is servicing the African market in times of oil scarcity around the world. Despite facing technical and political challenges—including difficulty securing local crude and competition from dumped foreign fuel—the 650,000 barrel-per-day refinery now produces some 550,000 barrels of refined products daily. Nigeria's fuel imports fell from 500,000 barrels per day in early 2023 to 88,000 barrels per day in early 2025 . That is what African ownership can do.
The Vlisco bid was not just about one company. It was about a vision.
The AfCFTA's objective is to accelerate industrialization in Africa, consolidate an integrated market of 1.3 billion people with a combined GDP of $3.4 trillion, and place Africa on a path to global competitiveness . At the heart of that vision is the textiles and clothing sector.
When a company that profits exclusively from Africa rejects African ownership—despite a higher bid, despite Afreximbank backing, despite AfCFTA support—that is not just a business decision. It is a statement.
And the statement is: we want your money, but not you.
The question is not whether we have the resources. We do. The question is whether we will keep playing a game where the rules are written against us—and where our own capital is rejected.
The AfCFTA cannot compel a private sale. But it can shape policy. It can reduce non-tariff barriers that cost the continent an estimated $20 billion in annual GDP growth . It can help build regional value chains that keep cotton in Africa and turn it into cloth, garments, and wealth.
Will African governments act? Will they prioritize local textile production? Will they create the conditions where African capital can buy African markets?
Some African nations are making the moves for our futures:
Mali is building its textile industry. The government, through the state-owned Compagnie malienne pour le développement des textiles (CMDT), is targeting over 650,000 tonnes of seed cotton for the 2026–2027 season—a more than 50% increase from current estimates. The West African Development Bank has committed significant resources to support Mali's cotton sector and local processing . This is not foreign-owned. This is Mali building for Mali.
Benin stopped exporting raw cotton. The country banned raw cotton exports to force local value addition. Through the Glo-Djigbé Industrial Zone (GDIZ), Benin is now manufacturing its own apparel—creating jobs, building skills, keeping wealth. The managing director of GDIZ stated: "We have decided that in this country, we are no longer going to sell this cotton raw. We are going to transform this cotton, in particular by installing integrated textile factories" . Benin is not waiting. Benin is doing.
Ethiopia is not waiting either. The country has 13 industrial parks with more than 177 manufacturing sheds, supporting over 100,000 jobs. New investments keep coming: a $200 million agreement with UK-based Intrade Co., a Chinese textile manufacturer setting up in Dire Dawa Industrial Park, an Italian textile giant exporting from Kombolcha Industrial Park . Kenya just opened the Vipingo Special Economic Zone—a $3 billion textiles and apparel hub with $800 million in financing from KCB Group and Afreximbank. Botswana launched "Made in BW" to revive local production. Ghana's garment sector is targeting $2 billion and 150,000 jobs by 2033.
The continent is moving.
Vlisco still sells to us. Wax prints still dominate. The profits still leave.
How do we move Africans to buy differently?
Not out of charity. Out of strategy. Out of self-interest.
Right now, 90% of Africa's cotton is exported raw. The continent imports over $23 billion in textiles, apparel, and footwear annually. We grow it. We send it away. We buy it back. We lose the jobs, the factories, the skills, the wealth.
If Africa fully developed its textile and apparel industry, processing cotton locally instead of exporting it raw, the sector could generate up to 5.8 million jobs. But only if we process the cotton here. Only if we manufacture the fabric here. Only if we buy from each other .
The Vlisco bid was not just about one company. It was about a vision.
The vision that African capital can own African markets. That African cotton can become African cloth. That African consumers can choose African manufacturers.
The bid failed. But the vision cannot.
Africa's textile industry is at a crossroads. We can continue to export raw cotton and import finished clothes. We can continue to let European and Asian companies profit from our markets while we collect the crumbs.
Or we can build.
References
- African Law & Business. "Vlisco rejects USD 200 million acquisition offer." August 2021. Available at: https://www.africanlawbusiness.com/news/16948-vlisco-rejects-usd-200-million-acquisition-offer/
- African News Agency. "Economie : la Zlecaf soutient Made in Africa pour le rachat de Vlisco." July 2021. Available at: https://africannewsagency.com/economie-la-zlecaf-soutient-made-in-africa-pour-le-rachat-de-vlisco/
- University of Electronic Science and Technology of China West African Research Center. "Cotton exporter Benin developing home-grown textile industry." February 2025. Available at: https://cwas.uestc.edu.cn/info/1042/3464.htm
- International Trade Centre (ITC). "How to invest in a viable textile and cotton value chain in Africa." April 2025. Available at: https://www.intracen.org/news-and-events/news/how-to-invest-in-a-viable-textile-and-cotton-value-chain-in-africa
- S&P Global Commodity Insights. "Technical, political challenges thwarting African refining: Dangote." July 2025. Available at: https://www.spglobal.com/commodity-insights/en/news-research/latest-news/refined-products/072225-technical-political-challenges-thwarting-african-refining-dangote
- African Center for Economic Transformation (ACET). "Reducing Non-Tariff Barriers to AfCFTA Implementation in the Cotton, Textiles, and Apparel Industry." August 2025. Available at: https://acetforafrica.org/research-and-analysis/reports-studies/reports/reducing-non-tariff-barriers-to-afcfta-implementation-in-the-cotton-textiles-and-apparel-industry/
- Ecofin Agency. "Mali Increases Farm Spending to $289 Million With Focus on Cotton and Food." April 2026. Available at: https://www.ecofinagency.com/news-agriculture/0604-54437-mali-increases-farm-spending-to-289-million-with-focus-on-cotton-and-food
- Overseas Recruitment Network. "东方工业园招聘信息" [Eastern Industrial Zone Recruitment Information]. 2025. Available at: https://www.hwzpw.com/job/27096.html
- 24 Heures au Bénin. "Voici pourquoi l'Etat autorise à nouveau l'exportation des produits vivriers." July 2025. Available at: https://24haubenin.info/?Voici-pourquoi-l-Etat-autorise-a-nouveau-l-exportation-des-produits-vivriers



