Quote from Alex bobby on March 3, 2024, 9:03 AM

Africa's wealthiest individual and the Chief Executive Officer of the Dangote Group, Alhaji Aliko Dangote, has called upon Nigeria to shift its economic foundation from a resource-centric model to a knowledge-based system. Dangote presented this proposal during a pre-convocation lecture as part of the 38th convocation ceremony at Bayero University, Kano (BUK).

Highlighting the substantial advantages offered by a knowledge economy, Dangote emphasized the critical need for Nigeria to make this transformative transition. Drawing parallels with successful nations like South Korea, India, China, and the Asian Tigers, he pointed out that these countries strategically embraced and institutionalized knowledge-based economies, subsequently reaping remarkable benefits.

Referencing a World Bank publication by Ismail Radwan and Giulia Pellegrini, Dangote underscored that harnessing knowledge for development is not a novel concept, as it has consistently played a central role in distinguishing between poverty and wealth. Contrary to a common misconception, he clarified that a knowledge economy extends beyond the establishment of high-tech industries and the cultivation of an innovative and entrepreneurial culture. Merely adopting existing technologies widely available in developed nations, according to Dangote, could significantly enhance productivity and spur economic growth.

Representing Dangote at the event, Mansur Ahmed, the Group Executive Director of the Dangote conglomerate, reiterated the World Bank's assertion that Nigeria's successful transition to a knowledge economy hinged on several key factors. These included a favorable business environment, an emphasis on education and skills development, robust innovation systems, and the enhancement of information and communication infrastructure.

Dangote emphasized the necessity for Nigeria to create a business environment that incentivizes the efficient utilization of existing knowledge. The presence of esteemed dignitaries at the pre-convocation lecture, such as the Deputy President of the Senate, Barau Jibrin, and the University's Vice Chancellor, Prof. Sagir Abbas, highlighted the significance of Dangote's message.

The convocation ceremony itself is set to confer degrees upon more than 11,000 graduating students. Additionally, two distinguished personalities, Dr. Akinwunmi Adesina, the President of the African Development Bank, and Sen Barau Jibrin, will be honored with honorary doctorate degrees.

In conclusion, Alhaji Aliko Dangote's call for Nigeria to transition from a resource-based to a knowledge-based economic system underscores the global trend towards prioritizing knowledge, innovation, and technology in fostering sustainable development. The proposed shift aligns with the experiences of successful nations and emphasizes the multifaceted elements crucial for a successful transition, providing a roadmap for Nigeria's economic future.