Dangote Urges Nigeria to Embrace Knowledge-Based Economy for Sustainable Growth

Africa’s richest man and CEO of the Dangote Group, Alhaji Aliko Dangote, has recently advised Nigeria to move from a resource-based economy to a knowledge-based economy in order to achieve sustainable growth and development.

In a pre-convocation lecture at the Bayero University, Kano, Dangote highlighted the numerous benefits of transitioning to a knowledge-based economy, citing examples of countries like South Korea, India, China, and the Asian tigers, who have successfully made this shift.

According to the World Bank, Nigeria can make this transition by focusing on key areas such as the business environment, education & skills, innovation systems, and information communication infrastructure.

This would not only provide an incentive for the efficient use of existing knowledge but also create a conducive environment for businesses to thrive.

Dangote emphasized the importance of government support in encouraging firms to adopt existing knowledge, particularly in the agricultural sector.

He suggested that the government could provide subsidies, free fertilizer, and technical help from agriculture extension officers to encourage the use of new, high-yielding crop varieties.

Furthermore, he stressed the need for educational reform, with a greater emphasis on skill development rather than paper qualifications.

He also suggested inviting innovators, business founders, and creators to speak, in order to inspire and support young entrepreneurs in the country.

The lecture was attended by several dignitaries, including the Deputy President of the Senate, Barau Jibrin, and the Vice Chancellor of the University, Prof. Sagir Abbas. A total of 11,284 graduating students will receive degrees at the convocation, with two distinguished personalities, Dr. Akinwunmi Adesina, President of the African Development Bank, and Jibrin, being awarded honorary doctorate degrees.

Dangote’s advice to Nigeria to transition to a knowledge-based economy is a timely reminder of the potential benefits of such a shift.

By focusing on key areas such as business environment, education, and innovation, Nigeria can achieve sustainable growth and development, while also creating numerous opportunities for its citizens.