Dangote Emphasizes Nigeria must transition to knowledge-based economy for development

Aliko Dangote, the Nigerian billionaire tycoon says the country must shift to a knowledge-based economy to achieve development.

Dangote, represented by Mansur Ahmed, the executive director of the Dangote Group, delivered a pre-convocation lecture on Friday, as part of activities lined up for the 38th convocation ceremony of the Bayero University Kano (BUK).

The billionaire said the nation needs a conducive business environment that provides incentives for the efficient use of existing knowledge.

“Given the numerous benefits that knowledge economy offers, it is vital that Nigeria makes the transition from a resource-based economy to a knowledge-based economy,” Dangote said.

“Countries like South Korea, India, China, and the Asian tigers at one time or the other took the decision to institutionalise a knowledge economy and are today reaping the benefits.

“There are many government research institutions and the existing knowledge gathered over the years can be put into use by firms.

“Agricultural research institutes have produced new varieties of seeds, legumes and others that are being cultivated in small quantities in their demonstration farms.

“This is where the government should come in with incentives for firms that would make use of these new varieties.”

Dangote said the government, through its agencies, could help in insisting that firms and businesses apply existing knowledge in their operations.

The business mogul said the Nigerian government demonstrated this capacity in the “auction and licencing of GSM operators”.

“That singular move brought rapid changes to the communications sector and created millions of direct and indirect jobs,” he said.

“It also resulted in the transfer of existing technologies to Nigeria as the winners of the bids brought requisite skills and technologies to build their networks.

“Nigerian youths that are passionate about new technologies should be encouraged and supported to exploit their natural talents by expanding entrepreneurship facilities and hubs.”

“There should be reforms in our educational system with more emphasis on skill development than paper qualification. Innovators, founders of businesses and creators should be invited to speak.”

According to a statement, over 11,000 students will receive their degrees; while Barau Jibrin, deputy senate president, and Akinwunmi Adesina, president of the African Development Bank (AfDB), will be awarded honorary doctorate degrees at the BUK convocation ceremony on Saturday.