The president of Dangote Industries Ltd, Aliko Dangote, has pledged to build a N550 million students’ hostel at the Federal University of Technology, Owerri, to address accommodation challenges.

Mr Dangote made the pledge over the weekend while delivering a public lecture on ‘Enterprise, Leadership and Service to Humanity’ at the institution in Owerri, Imo.

He also donated N25 million to the students through the Student Union Government.

The industrialist said the hostel project, when completed, would help ease the shortage of on-campus accommodation for students.

Speaking during the lecture, Mr Dangote recounted his entrepreneurial journey, noting that he began as a distributor of bagged cement and other commodities before venturing into large-scale manufacturing.

He said his decision to adopt backward integration was driven by the need to produce locally goods that were previously imported.

Mr Dangote described the importation of finished goods as detrimental to the economy, saying it fuels unemployment, inflation and poverty, while creating jobs and prosperity in exporting countries.

According to him, sustainable economic growth depends on local production and value addition to raw materials.

He urged investors to prioritise domestic investment, stressing that industrialisation must be driven largely by citizens.

“If we refuse to invest in Nigeria and Africa, no foreign investor will be willing to stake their funds here,” he said.

Mr Dangote cited Asian economies as examples of development driven by native investment rather than reliance on foreign capital.

“Asian economies were powered by their own people. They did not wait for foreigners to develop their countries,” he said.

He also highlighted the potential of Nigerian youths, describing them as innovative and globally competitive.

Mr Dangote noted that engineers trained by his companies, including the Dangote Refinery and Fertiliser plants, had been recruited by firms in the Gulf region as expatriates.

He emphasised the role of entrepreneurship in national development, saying it enables young people to create jobs, diversify the economy and drive sustainable growth.

“We face significant economic and social challenges, but we also sit on enormous opportunities, including a young population, abundant natural resources and a strong entrepreneurial spirit,” he said.

Mr Dangote urged students to be innovative, adaptable and committed to acquiring relevant skills that would enable them to contribute meaningfully to society.

He also pointed to China’s large pool of engineers as a key factor behind its emergence as a global manufacturing hub. 

(NAN)