Africa’s richest man and chairman of Aliko Dangote Foundation, Alhaji Aliko Dangote, has tasked the federal government to muster the will to provide critical infrastructure that will make the nation’s business environment conducive to commerce and industry.
Dangote made this appeal while delivering the third eminent persons business lecture and inauguration of the Aliko Dangote complex, a N300 million naira ultra-modern building donated to the University of Ibadan, School of Business, at the Ajibode University extension, Ibadan.
He said his foundation would continue to prioritise education as a means of raising entrepreneurs that would change the face of the nation’s economy, which would lead to real growth and development.
He told his audience that Nigeria has the potential to be among the most industrialised countries in the world and requires only the right policies to propel the investors into taking the lead in industrialisation drives.
Delivering his paper entitled, “Industrialisation – Backward Integration as a Strategy for National Development: The Story of the Dangote Group”, group executive director of Dangote Industries Limited, Engr. Ahmed Mansur, who represented Dangote, stated that for the nation to breakthrough industrially, the leadership and the people must have the political will, the courage and perseverance to succeed.
Dangote was of the opinion that backward integration is one of the fine policies of the government that has helped Nigeria’s economy and that he had led in this regard as a private sector operator, advising that the policy could be replicated in other sectors of the economy.
Highlighting the advantages of the backward integration, he stated that there would be increased control and efficiency as companies are better able to control quality and coordinate the delivery of raw materials or other supplies.
And that the level of control allows companies to increase their supply chain efficiency. Stock outs and over-stocking are better avoided, raw material supply is better managed, and delivery schedules can be better guaranteed.
The director of the University of Ibadan School of Business, Prof. Nike Osofisan, said the institution owed Alhaji Dangote a huge debt because the complex was more than a building.
“The fully air conditioned complex has nine lecture theatres, 10 lecturer offices, four executive director offices, one canteen, 250 KVA dedicated transformer, and male and female conveniences”