Aliko Dangote, President of Dangote Industries Limited, has committed to building a ₦550 million student hostel at the Federal University of Technology, Owerri (FUTO) in a move aimed at easing accommodation shortages on campus.
He made the announcement over the weekend while delivering a lecture titled “Enterprise, Leadership and Service to Humanity” at the university in Imo State.
During the visit, he also donated ₦25 million to students through the Students’ Union Government.
Dangote explained that the proposed hostel project is intended to improve living conditions for students by reducing the pressure on existing on-campus housing facilities.
He also shared insights from his business journey, recalling how he started as a commodity trader dealing in cement and other goods before transitioning into large-scale industrial manufacturing.
According to him, his shift toward backward integration was driven by the need to produce goods locally rather than depend on imports.
He argued that excessive reliance on imported products weakens local economies by limiting job creation and increasing economic challenges, while benefiting exporting countries instead.
Dangote stressed that long-term economic growth depends on local production, industrial expansion, and value addition to raw materials.
He encouraged investors to focus more on domestic opportunities, noting that sustainable development requires strong participation from local entrepreneurs.
He also pointed to successful economies in Asia, saying their growth was largely driven by homegrown investment rather than dependence on foreign capital.
Dangote highlighted the potential of Nigerian youths, describing them as highly talented and capable of competing globally when given the right opportunities.
He revealed that some engineers trained in his companies, including those working at Dangote Refinery and fertiliser plants, have gone on to secure international roles in the Gulf region.
He further emphasised entrepreneurship as a key driver of national development, noting that it helps create jobs and diversify the economy.
Despite Nigeria’s economic challenges, he said the country still possesses strong advantages, including a youthful population, natural resources, and a growing spirit of innovation.
Dangote urged students to embrace creativity, acquire relevant skills, and remain adaptable in order to contribute meaningfully to society.
He also cited China’s large pool of engineers as a major factor behind its rise as a global industrial powerhouse.