Africa's richest man Aliko Dangote donates ₦550 million to Nigerian university for new student hostels

• Dangote announced a ₦550 million hostel project for FUTO students and gave ₦25 million to the Students’ Union Government.

• He spoke at the university about entrepreneurship, encouraging students to focus on innovation, leadership, and self-reliance.

• He warned that relying on imports harms Nigeria’s economy and said countries like those in Asia grew by producing locally.

• At a separate engineering event, he called for better power infrastructure and local manufacturing, and warned that AI will reshape engineering jobs.

Africa’s richest man, Aliko Dangote, has announced a major education support gesture for students of Federal University of Technology Owerri (FUTO), pledging to build a ₦550 million hostel and also donating ₦25 million to the Students’ Union Government.

The announcement came during his visit to the Imo State institution, where he delivered a public lecture focused on enterprise, leadership, and service to humanity. The new hostel project is expected to ease the long-standing accommodation shortage facing students on campus.

Dangote also used the opportunity to share parts of his business journey, recalling his early days as a trader in commodities before moving into large-scale manufacturing through backward integration.

He told students that Nigeria loses out when it relies heavily on imports instead of producing locally.

“Importing finished products into Nigeria is equivalent to importing poverty, inflation and unemployment while exporting raw materials. Importation of finished products creates jobs, prosperity, and development in the exporting countries,” he said.

READ ALSO: After building the world’s biggest refinery in Nigeria, Dangote wants to build another one in Tanzania, Kenya

He added that building local capacity is key to economic growth and job creation, stressing the need for Nigerians and Africans to lead their own industrial development rather than depend on foreign investors.

According to him, “Asian economies are 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.”

Dangote also encouraged Nigerian youths, saying they have the creativity and ability to compete globally. He noted that skilled engineers trained in his refinery operations are already attracting international attention, with some being recruited by companies in the Gulf region.

Beyond the university visit, he also reinforced his long-standing message on industrialisation and energy development while speaking at the Nigerian Academy of Engineering induction ceremony in Lagos.

He said Nigeria cannot achieve true economic independence without building its own technical and industrial capacity.

“True economic independence is impossible without technical sovereignty. We must fabricate, design, and build what we consume. We will remain the fiercest advocates for local content, which is key,” he said.

He also stressed the importance of improving electricity infrastructure, describing it as essential for national development.

“Distinguished fellows, our task is urgent. We must build power grids. This power is important; we must build it. I keep repeating, we must build it. Together, let us engineer a Nigeria that works not just for some, but for everyone,” he added.

Dangote further warned that artificial intelligence could reshape engineering jobs, urging professionals to adapt and guide how the technology is used.

In another recent development, he revealed plans to expand industrial operations beyond Nigeria, including a proposed 650,000 barrels-per-day refinery project in East Africa, part of a wider $40 billion investment push aimed at boosting African industrial capacity.