Aliko Dangote has pledged to build a ₦550 million students’ hostel at the Federal University of Technology, Owerri (FUTO).
He also donated ₦25 million to students through the university’s Student Union Government during a visit to the campus.
The project is aimed at reducing accommodation challenges faced by students.
Speaking at the event, Dangote said Nigeria’s development depends on stronger local production and innovation.
He warned against heavy reliance on imports, saying it weakens the economy.
“Importing finished products into Nigeria is equivalent to importing poverty, inflation and unemployment,” he said.
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Dangote also stressed the need for local investment in industry, noting that no economy can grow without its own citizens driving production.
He pointed to Asia as an example of self-driven growth.
“Asian economies [are] powered by Asians not foreign investment. They are the ones who invested in their countries,” he said.
He urged students to focus on skills, creativity and entrepreneurship.
“We face significant economic and social challenges, but we also sit on enormous opportunity… When young people are equipped with technical skills, mentorship, and access to capital, they do not just seek jobs – they create them,” he said.
He added that Nigerian youths have strong global potential, noting that engineers trained in his refinery and fertiliser projects have attracted international interest.