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This article analyses the governance of the Faso Fani textile company (1969-2001) in Burkina Faso, highlighting structural tensions between national economic sovereignty, postcolonial legacies and the liberalization requirements of international institutions. It questions the contradictions that persist within African industrial policies through an empirical study that draws on written and oral sources, including twenty interviews conducted between 2020 and 2022. The study traces the history of Faso Fani, from its inception as Voltex to its liquidation in 2001, shedding light on the institutional and organizational challenges that marked its existence. It explores the industrialization strategies implemented by the Burkinabe state, the internal governance mechanisms of the company and the impact of structural adjustment policies on its decline. The analysis highlights managerial instability, political interference, outdated equipment and reliance on imports as key factors that contributed to the decline of the factory. More broadly, the article reflects on the conditions necessary for African industries to develop and the challenges of endogenous development in a context of globalization. It advocates for industrial policies that combine state support with technological modernization to ensure sustainable and competitive industrialization, capable of breaking free from the dynamics of dependency inherited from the colonial era.