Aliko Dangote, the President and CEO of Dangote Group, has been appointed to the prestigious Private Sector Investment Lab by the World Bank, a key global initiative aimed at driving private investment and job creation in emerging economies.
Dangote expressed his gratitude for the appointment, emphasizing that it is a significant reflection of his long term dedication to fostering economic growth through private enterprise.
In his statement, Dangote highlighted the rapid economic transformations seen in the Asian Tigers nations that experienced exceptional growth due to strategic investments as a model for boosting similar results in other parts of the world. He underscored his commitment to utilizing private sector-driven growth to address global economic challenges.
“I am both honoured and excited to accept my appointment to the World Bank’s Private Sector Investment Lab, dedicated to advancing investment and employment in emerging economies,” Dangote said.
The World Bank made the announcement on Wednesday, revealing Dangote’s inclusion as part of an expanded effort to enhance the Lab’s impact. The initiative, now entering an exciting new phase, aims to implement scalable solutions to attract private capital and generate jobs in developing nations.
Among the other distinguished individuals appointed to the Lab are Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chairman of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
World Bank Group President Ajay Banga, emphasized that the expansion of the Lab’s membership is an important step in integrating private sector leadership into the bank’s broader mission of fostering job creation worldwide.
The Private Sector Investment Lab, co-chaired by Mark Carney in 2023, aimed to mobilize £1 trillion in sustainable investments, focusing on energy transition in emerging markets. Over 18 months, it united global financial leaders to tackle barriers to private investment in low-income economies, identifying five key focus areas, including regulatory and policy stability, now integrated into World Bank operations.
Founded by Dangote, Dangote Group is West Africa’s largest conglomerate and one of Africa’s most influential business entities. The company operates across various industries, including cement, fertilizer, salt, sugar, and oil, and employs over 30,000 people, making it Nigeria’s largest private-sector employer and taxpayer.
Dangote’s flagship initiative, the $20 billion Dangote Petroleum Refinery & Petrochemicals, stands as the largest single private investment project in Africa’s history.
Beyond his business endeavors, Dangote also heads the Aliko Dangote Foundation, the largest private philanthropic organization in sub-Saharan Africa. The foundation focuses on improving child nutrition, and also funds initiatives in healthcare, education, economic empowerment, and disaster relief across the region.
