Nigeria Should Embrace Knowledge-Based Economy – Dangote

Africa’s wealthiest man and the foumder of Dangote Group, Aliko Dangote, has proposed that Nigeria shift its focus from a resource-dependent to a knowledge-centred economy.

Naija News reports that Dangote proposed the recommendation during a pre-convocation lecture he presented as part of the events scheduled for the 38th convocation of Bayero University in Kano, on Friday.

Dangote advocated for Nigeria’s transition to a knowledge-based economy, citing examples of countries like South Korea, India, China, and the Asian tigers that have benefited from this transition.

He said, “Given the tremendous benefits that knowledge economy offers, it is vital that Nigeria makes the transition from a resource-based economy to knowledge-based economy. Countries like South Korea, India, China, and the Asian tigers at one time or the other took the decision to institutionalise knowledge economy and are today reaping the benefits.

“Ismail Radwan and Giulia Pellegrini in a World Bank publication stated that harnessing knowledge for development is not a new concept as it has always been central to development and can mean the difference between poverty and wealth.

“They argued that the knowledge economy is not just about establishing high-tech industries and creating an innovative and entrepreneurial culture. Simply adopting existing technologies widely available in developed countries can dramatically boost productivity and economic growth.”

According to Dangote, represented by the Group Executive Director, Engr Mansur Ahmed, said the World Bank emphasizes the importance of Nigeria’s transition to a knowledge economy.

He said the transition requires a focus on enhancing the business environment, improving education and skills, fostering innovation systems, and developing information communication infrastructure.

The business mogul stressed the need for Nigeria to create a conducive business environment that encourages the efficient utilization of existing knowledge.

“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,” he said.

Dangote suggested that the government may consider the possibility of gradually replacing old, low-yielding crop species with new ones. To encourage farmers to plant new crop varieties, the government may provide incentives such as subsidies, free fertilizers, and technical assistance from agriculture extension officers.

The business mogul said, “Government through its agencies can help in insisting that firms and businesses apply existing knowledge in their operations. 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.

“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 who 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.”

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