Africa's richest man, Aliko Dangote, has committed to building a ₦550 million hostel for students of the Federal University of Technology Owerri (FUTO), while also donating ₦25 million to the Students' Union Government during a visit to the Imo State institution.

The pledge was made at a public lecture themed "Enterprise, Leadership and Service to Humanity," where Dangote shared insights from his entrepreneurial journey and issued a strong warning against Nigeria's dependence on imported finished goods.

"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 stated.

Dangote, who began his career distributing bagged cement and other commodities before transitioning into large scale manufacturing, urged Nigerian youths and investors to prioritise domestic production. He cited Asian economies as a model, noting that their development was driven by internal investment rather than reliance on foreign capital.

"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," he noted.

He also revealed that engineers trained at the Dangote Refinery and Fertiliser plants had been recruited by companies in the Gulf region, describing Nigerian youths as innovative and globally competitive.

At a separate event, the Nigerian Academy of Engineering induction ceremony in Lagos, Dangote reinforced his position on industrialisation and energy infrastructure, warning that artificial intelligence could reshape engineering jobs and urging professionals to adapt accordingly.

"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 declared.

He also stressed the urgency of expanding Nigeria's power infrastructure. "Distinguished fellows, our task is urgent. We must build power grids. This power is important; we must build it," he added.