Dangote calls for knowledge-based economy

ALIKO Dangote, the chief executive officer of the Dangote Group and Africa's wealthiest man has proposed the transition of Nigeria's economy from a resource-based model to a knowledge-based one.

Hesaid this during his pre-convocation lecture at Bayero University, Kano.

Dangote 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."

Quoting, Ismail Radwan and Giulia Pellegrini in a World Bank publication, Dangote said that harnessing knowledge for development is not a new concept and can mean the difference between poverty and wealth.

“They argued that 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,” Dangote said.

Represented by Engineer Mansur Ahmed, the group executive director of the Dangote conglomerate, Dangote stressed the World Bank's recommendation. According to him, for Nigeria to successfully shift towards a knowledge-based economy, it must pay attention to the business environment, education & skills, innovation systems and information communication infrastructure.

He noted that Nigeria needs a conducive business environment that provides incentives for the efficient use of existing knowledge.

“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,” Dangote said.