Dangote Unveils ₦550m Hostel Project for FUTO Students, Donates ₦25m

Dangote Unveils ₦550m Hostel Project for FUTO Students, Donates ₦25m

By Auwal Ahmad Umar

OWERRI — Africa’s foremost industrialist, Aliko Dangote, has announced plans to fund the construction of a ₦550 million students’ hostel at the Federal University of Technology, Owerri, in a move aimed at tackling accommodation shortages in the institution.

Dangote made the pledge on Monday while delivering a keynote lecture at the university, where he spoke on the topic ‘Enterprise, Leadership and Service to Humanity‘. He said the initiative was part of his commitment to supporting education and improving student welfare.

In addition to the hostel project, the business mogul donated ₦25 million to students through the institution’s Student Union Government to support student-related activities.

He explained that the proposed hostel would help reduce the burden of inadequate housing on campus and create a more conducive learning environment for students.

Addressing the gathering, Dangote expressed confidence in the potential of Nigerian youths, noting that they possess the creativity and skills required to thrive globally if properly nurtured.

He revealed that several young Nigerian engineers trained at his refinery and fertiliser plants had attracted international attention, with some securing lucrative opportunities in Gulf countries where they are engaged as expatriates.

According to him, Nigeria’s challenges are matched by vast opportunities, including a vibrant youth population, rich natural resources and a strong entrepreneurial culture.

He described entrepreneurship as a powerful tool for economic transformation, stressing that equipping young people with relevant skills, mentorship and funding would enable them to become employers of labour rather than job seekers.

Dangote encouraged students to remain innovative and adaptable, urging them to continuously develop themselves in order to make meaningful contributions to society.

Reflecting on his journey, he recounted starting out as a small-scale trader dealing in commodities such as cement before expanding into full-scale industrial production.

He noted that his decision to move into manufacturing was driven by the need to produce locally what was previously imported, adding that reliance on imports weakens the economy.

“Bringing in finished goods from abroad only fuels unemployment and economic pressure, while exporting raw materials without processing limits national growth,” he said.

He emphasised that industrialisation is central to job creation and economic development, urging Nigerians to take ownership of the country’s future through local investment.

Dangote further argued that sustainable development must be driven by domestic investors, drawing parallels with Asian economies, which he said were built largely through internal investments rather than dependence on foreign capital.

“If we don’t invest in our country, others will not see the reason to do so,” he added.