The President of Dangote Industries Ltd., Alhaji Aliko Dangote, has pledged to construct a N550 million students’ hostel at the Federal University of Technology, Owerri (FUTO) to address accommodation challenges.

Dangote made the pledge at the weekend while delivering a public lecture on: “Enterprise, Leadership and Service to Humanity,” at the institution in Owerri, Imo state.

He also donated N25 million to the students through the Student Union Government.

The industrialist said the hostel project, when completed, would help ease the shortage of on-campus accommodation for students.

Speaking during the lecture, Dangote recounted his entrepreneurial journey, noting that he began as a distributor of bagged cement and other commodities before venturing into large-scale manufacturing.

He said his decision to adopt backward integration was driven by the need to produce locally goods that were previously imported.

Dangote described the importation of finished goods as detrimental to the economy, saying it fuels unemployment, inflation and poverty, while creating jobs and prosperity in exporting countries.

According to him, sustainable economic growth depends on local production and value addition to raw materials.

He urged investors to prioritise domestic investment, stressing that industrialisation must be driven largely by citizens.

“If we refuse to invest in Nigeria and Africa, no foreign investor will be willing to stake their funds here,” he said.

Dangote cited Asian economies as examples of development driven by indigenous investment rather than reliance on foreign capital.

“Asian economies were powered by their own people. They did not wait for foreigners to develop their countries,” he said.

He also highlighted the potential of Nigerian youths, describing them as innovative and globally competitive.

Dangote noted that engineers trained by his companies, including the Dangote Refinery and Fertiliser plants, had been recruited by firms in the Gulf region as expatriates.

He emphasised the role of entrepreneurship in national development, saying it enables young people to create jobs, diversify the economy and drive sustainable growth.

“We face significant economic and social challenges, but we also sit on enormous opportunities, including a young population, abundant natural resources and a strong entrepreneurial spirit,” he said.

Dangote urged students to be innovative, adaptable and committed to acquiring relevant skills that would enable them to contribute meaningfully to society.

He also pointed to China’s large pool of engineers as a key factor behind its emergence as a global manufacturing hub.

The first female pilot of the Nigeria Customs Service (NCS), Nafisat Balogun, has secured a commercial multi-engine pilot licence in the United States of America.

The NCS spokesperson, Abdullahi Maiwada, made this known in a statement made available to newsmen on Sunday in Abuja.

Maiwada said that following the feat, the Superintendent of Customs was honoured at a ceremony organised by the Nigeria Customs Technical Hangar Service recently.

He said Balogun’s achievement marked a historic milestone as she became the first female pilot in the NCS, a field dominated by men.

He described her resilience, discipline and determination as a motivation for officers to strive for success and leverage new opportunities within the service.

Speaking at the celebration, the Managing Director of the Customs Technical Hangar Service, Captain Kuhi Mbaya, described Balogun’s journey as inspiring and transformative.

Mbaya described her achievement as a pride to the service, noting that the officer rose from being a cabin attendant to a fully-fledged commercial pilot.

“This is a great achievement not only for her but for the entire service,” he said.

Mbaya said that her accomplishment had set a precedent in the service and reflected the evolving opportunities within it.

“For the first time, we now have a female pilot in the NCS. She has set a record and it is important that we celebrate and recognise this milestone,” he said.

He urged women to take Balogun’s accomplishment as a charge to pursue their ambitions in specialised fields without fear, as barriers were being broken for them to thrive.

“This achievement shows that there are no limits. The glass ceiling has been shattered, and with determination and consistency, more women can achieve their dreams,” Mbaya said.

He also commended the Comptroller-General of Customs (C-G), Bashir Adeniyi, for his leadership and constant support for gender inclusion within the service.

Responding, Balogun thanked the NCS for believing in her capacity and supporting her to achieve the feat.

She reaffirmed her commitment to discharge her duties diligently and to continue to serve with dedication, integrity and professionalism.

Recall that in 2024, the NCS announced Balogun as making history as the first female pilot in the service, rising from a cabin crew member to a trailblazer in aviation.

The International Monetary Fund (IMF) has endorsed Nigeria’s ongoing bank recapitalisation drive.

It said that stronger capital buffers are cushioning the financial system against external shocks and strengthening resilience amid intensifying global uncertainties.

Tobias Adrian, Financial Counsellor and Director of the Monetary and Capital Markets Department of the IMF, said this during the Global Financial Stability Report presentation.

He stated this during the IMF/World Bank Spring Meetings in Washington DC on Tuesday.

Adrian said that robust fiscal positions remained critical for emerging markets to withstand volatile global capital flows.

He said this would reduce exposure to sudden market reversals, and maintain macroeconomic stability under uncertain financial conditions.

He stressed the growing importance of bank recapitalisation during the periods of heightened financial stress globally.

Adrian said that building a well-capitalised banking sector remained essential to sustaining global financial stability, particularly as economies confront persistent uncertainty.

He also said that tightening financial conditions, and evolving risks across international capital markets was crucial for economic sustenance.

According to him, the benefits of bank recapitalisation become most evident during stress periods, as stronger capital positions enable financial institutions to absorb shocks, sustain lending activities, and support broader economic stability across markets.

Adrian said that ensuring debt sustainability and maintaining stronger fiscal positions are foundational to IMF engagement with countries, particularly across Sub-Saharan Africa, where tailored programmes address diverse economic challenges and vulnerabilities.

On capital flows to Sub-Saharan Africa, he said: “I have observed the ongoing Middle East conflict have triggered an outsized reaction, with movements roughly twice as large as those recorded during early stages of Ukraine crisis.”

Adrian said that in spite of the significant shifts in capital flow volumes, price reactions have remained relatively contained, reflecting broadly healthy global risk appetite.

He also called for continued investor confidence across financial markets in spite of prevailing geopolitical tensions worldwide.

Jason Wu, Assistant Director in the Monetary and Capital Markets Department at the IMF, said that the capital flows to emerging markets are increasingly driven by debt rather than foreign direct investment and equity.

He said that the raising concern was about long-term financial stability outlook globally.

Wu said that countries with stronger fiscal positions generally enjoy improved access to international markets and lower borrowing costs.

He also underscored the need for sustained fiscal reforms to guard against sudden capital outflows.