Dangote pledges ₦550m student hostel for FUTO, donates ₦25m to SUG

The President of Aliko Dangote and Founder of Dangote Industries Limited has pledged to construct a student hostel valued at ₦550 million for the Federal University of Technology, Owerri, Imo State.

During a visit to the institution, Dangote also donated ₦25 million to the Students’ Union Government (SUG) to support student welfare initiatives.

He was at the university to deliver a public lecture themed Enterprise, Leadership and Service to Humanity, where he spoke extensively on entrepreneurship, industrialization, and national development.

According to him, the proposed hostel project is aimed at easing the accommodation challenges facing students of Federal University of Technology Owerri.

In his lecture, Dangote shared insights from his business journey, recalling his early days as a commodity trader before shifting focus to manufacturing through backward integration.

He argued that relying heavily on imported finished goods contributes to unemployment, inflation, and underdevelopment, while local production creates jobs and economic growth.

He emphasized that sustainable industrialization depends on local investors taking the lead, noting that countries in Asia succeeded by building their economies through domestic investment rather than relying on foreign capital.

Addressing students, Dangote encouraged them to embrace innovation, technical skills, and entrepreneurship, saying they have the capacity to compete globally.

He also revealed that several Nigerian engineers trained at his refinery and fertilizer plants have been recruited by companies in the Gulf region, where they are valued as expatriate professionals.

He urged students to think creatively and focus on value creation, stressing that entrepreneurship remains a key tool for transforming Nigeria’s economic challenges into opportunities.

Dangote further highlighted that Nigeria’s large youth population, natural resources, and entrepreneurial spirit position the country for strong industrial growth if properly harnessed.