How to fix “failed to run libtoolize: No such file or directory” error

Question: During compilation, I'm getting the following error. How can I fix "libtoolize: No such file or directory" error?

Can't exec "libtoolize": No such file or directory at /usr/share/autoconf/Autom4te/ line 345, line 5.
autoreconf: failed to run libtoolize: No such file or directory
autoreconf: libtoolize is needed because this package uses Libtool

The error indicates that you do not have libtool installed on your system. To fix the problem, you need to install libtool, as describe below.

libtool is a library tool designed to simplify the process of building software with complex static/shared library dependencies via a portable interface.

On Debian, Ubuntu or Linux Mint:

$ sudo apt-get install libtool

On Fedora, CentOS or RHEL:

$ sudo yum install libtool
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