Africa’s leading industrialist, Aliko Dangote, has pledged to build a ₦550 million student hostel at Federal University of Technology Owerri, alongside a ₦25 million donation to students through the institution’s Student Union Government.

Dangote made the announcement during a public lecture at the Imo State-based university, where he spoke on enterprise, leadership, and service to humanity. The proposed hostel is expected to ease accommodation challenges faced by students.

Speaking on his business journey, the Dangote Industries Limited founder recalled starting as a commodity trader before shifting to local production through backward integration.

He emphasised that importing finished goods undermines local economies, noting that it fuels unemployment and inflation, while manufacturing within the country creates jobs and drives development.

Dangote urged a shift toward local industrialisation, stressing that economic growth must be driven by domestic investors rather than reliance on foreign capital. Drawing parallels with Asian economies, he noted that their growth was largely powered by local investment.

Addressing students, he highlighted the potential of Nigerian youths, noting that many engineering graduates trained by his refinery and fertiliser companies are now sought after internationally.

He encouraged them to embrace innovation, develop technical skills, and pursue entrepreneurship, stating that young people equipped with knowledge and resources can create jobs and strengthen the economy.

Dangote also pointed to countries like China, where a strong engineering workforce has helped position the nation as a global manufacturing hub.