Leading businessman and Chairman of Aliko Dangote Foundation Alhaji Aliko Dangote has urged the government to provide basic infrastructure to make the nation’s environment conducive for business.
He pledged his foundation would continue to prioritise education to raise entrepreneurs who would change the economy to lead growth and development.
Dangote spoke at the third Eminent Persons Business lecture and inauguration of Aliko Dangote Complex, a N300 million ultra-modern building he donated to the University of Ibadan (UI) School of Business at the Ajibode University extension in Ibadan, Oyo State capital.
The foremost industrialist told his audience, who comprised academia, students, royal fathers and businessmen, Nigeria had the potential to be among the most industrialised countries in the world but required the right policies to propel investors into taking the lead in the nation’s industrialisation drive.
He said the policy could be replicated in other sectors of the economy.
Going by his experience as a leading cement producer using backward integration, the industrialist said there would be cost control as costs would be better managed all along the production process.
Citing instances of countries that have used backward integration to climb the industrial ladder’s key sectors, Dangote said: “Several countries have involved backward integration in some of their industries. Examples include Brazil, Ghana, Malaysia, Norway and Russia. China and the United States of America (U.S.A) probably have the most vertically integrated firms, given their size and industrialisation focus.
“This typically starts with local content requirements for extractive industries and then includes consolidation across product value chains.
UI’s Vice-Chancellor Prof. Abel Idowu Olayinka thanked Dangote for donating the building.
The vice chancellor noted that by the donation, Dangote had become the first largest individual donor to the university.
The guest of honour and Oyo State Governor Abiola Ajimobi urged youths to learn a from Dangote’s humble beginning to the industrial giant he had become.
The governor, who was represented by the Commissioner of Education, Prof. Joseph Adeniyi Olowofela, regretted that most youths did not cherish hard work but wanted to get rich quick.
He said: “We need a paradigm shift from the get-rich quickly at all cost to hard work that leads to wealth.”
The Director of UI School of Business, Prof. Nike Osofisan, said the institution owed Dangote a huge debt because the complex was more than a building.
She said: “The fully air-conditioned complex has nine lecture theatres, 10 lecturers’ offices, four executive directors’ offices, one canteen, 250 KVA dedicated transformer and male and female conveniences.”