The founder and president of Dangote Industries Limited, Aliko Dangote, announced over the weekend his commitment to construct a hostel valued at N550 million for students at the Federal University of Technology, Owerri (FUTO) in Imo State. In addition to the building project, he presented a donation of N25 million to the students of the institution through their Student Union Government.
Dangote visited FUTO to deliver a public lecture focused on Enterprise, Leadership, and Service to Humanity. The forthcoming hostel is expected to significantly address the existing accommodation challenges faced by students at the university.
During his address, the prominent industrialist shared insights from his early business career, recounting his beginnings as a distributor of bagged cement and various other commodities. He explained that despite initial success in trading, he made a strategic decision to pursue backward integration, shifting towards local production of goods previously imported.
He asserted that importing finished products into Nigeria is tantamount to importing poverty, inflation, and unemployment, while the export of raw materials benefits other nations. He highlighted that importing finished goods cultivates jobs, prosperity, and development in the countries from which these goods are sourced.
According to Dangote, the decision to embrace manufacturing was driven by the goal of creating employment opportunities and adding value to raw materials that were traditionally exported. He emphasized that a crucial element of industrialization is self-reliance, asserting that domestic investors should be the primary drivers of the industrial sector. He added that if Nigerians themselves do not invest in their own country and continent, foreign investors will be hesitant to commit their funds.
Citing examples from Asian economies, he stated, "Asian economies powered by Asians, not foreign investment. They are the ones who invested in their countries. They did not wait for foreigners to come and develop their economies."
Addressing the students directly, he remarked that Nigerian youths possess a remarkable innovative spirit and are capable of competing globally. He pointed out that numerous engineering graduates who underwent training at the Dangote Refinery and Fertiliser have been recruited by companies in the Gulf region, where they are regarded as expatriates.
He continued, "We face significant economic and social challenges, but we also sit on enormous opportunity: a young and energetic population, abundant natural resources, and an entrepreneurial spirit that is unmatched across the continent. In my own journey through business and industry, entrepreneurship has shown itself to be one of the most powerful tools for transforming challenges into opportunities. When young people are equipped with technical skills, mentorship, and access to capital, they do not just seek jobs – they create them. They build enterprises that diversify our economy beyond oil, strengthen local industries, and fuel sustainable development."
He urged the students to cultivate innovation and creativity, stressing the importance of continuous learning and adaptability to contribute meaningfully to society. Referencing China's development, he informed the students that China's large population of engineers has positioned it as a global leader in manufacturing and industrial advancement.
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