Alhaji Aliko Dangote, Africa’s wealthiest individual and CEO of the Dangote Group, has recommended that Nigeria shifts from a resource-based economy to a knowledge-based economy.

Dangote made this suggestion during a pre-convocation lecture delivered as part of the activities planned for the 38th convocation of Bayero University, Kano, over the weekend.

Highlighting the significant advantages of a knowledge economy, Dangote emphasized the need for Nigeria to make the transition. He cited examples of countries like South Korea, India, China, and the Asian tigers that have successfully embraced a knowledge-based economy and are now reaping the benefits.

Dangote quoted the World Bank, stating that to transition to a knowledge-based economy, Nigeria must focus on improving the business environment, education and skills, innovation systems, and information communication infrastructure.

He stressed the importance of creating a conducive business environment that encourages the efficient utilization of existing knowledge. Dangote also highlighted the potential of government research institutions in providing valuable knowledge for firms and the importance of incentives to encourage their utilization.

The business mogul suggested that the government could phase out older, low-yielding crop varieties and provide support to farmers willing to cultivate new, high-yielding varieties through subsidies, free fertilizers, and technical assistance.

Dangote highlighted the government’s role in promoting the application of existing knowledge, as demonstrated in the auction and licensing of GSM operators, which transformed the communications sector and created numerous job opportunities.

He called for educational reforms that prioritize skill development over paper qualifications and encouraged the invitation of innovators, business founders, and creators to speak in educational settings.

The pre-convocation lecture was attended by dignitaries including Deputy President of the Senate, Barau Jibrin, and the Vice-Chancellor of the University, Prof. Sagir Abbas.

The convocation ceremony, scheduled for later today, will see 11,284 graduating students receiving degrees, and honorary doctorate degrees will be awarded to Dr. Akinwunmi Adesina, President of the African Development Bank, and Deputy Senate President Barau Jibrin.