Aliko Dangote, President and CEO of the Dangote Group, has accepted an appointment to the World Bank’s Private Sector Investment Lab, joining an elite group of global business executives tasked with increasing investment and job creation in emerging economies.
In 2023, Canada’s Prime Minister, Mark Carney, co-chaired the Private Sector Investment Lab, which aimed to gather £1 trillion in sustainable investment to support emerging nations’ energy transition.
Dangote emphasised his commitment to promoting sustainable economic growth through private sector-led investment in a statement confirming his acceptance, highlighting the transformative potential of such projects in developing countries.
“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,” he said.
Dangote added, “This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies. Drawing inspiration from the remarkable successes of the Asian Tigers, which have demonstrated the power of strategic investment and focused economic policy, I am eager to collaborate with fellow leaders to replicate such outcomes across other regions.”
The World Bank announced Dangote’s hiring on Wednesday as part of a bigger expansion of its Private Sector Investment Lab, which now enters a new phase aimed at scaling up ideas to attract private investments and create jobs in the developing world.
Dangote is joined in the select club by Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chairman of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
The World Bank said the extended membership brings together business leaders with strong track records in producing jobs in emerging nations, supporting the Bank’s increased focus on job creation as a core pillar of global development.
“With the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy.
“This isn’t about altruism—it’s about helping the private sector see a path to investments that will deliver returns and lift people and economies alike. It’s central to our mandate,” said World Bank Group President Ajay Banga.
The global bank stated that over the last 18 months, the Lab has brought together executives from major financial institutions to identify the most pressing hurdles to private sector investment in developing nations and test concrete solutions.
According to the statement, the effort has been streamlined into five major focus areas that are being integrated throughout the bank’s operations, including regulatory and policy clarity.
The statement made accessible to our correspondent indicated that the Dangote Group, founded by Aliko, is the largest conglomerate in West Africa and one of the largest on the African continent.
“With interests spanning cement, fertiliser, salt, sugar, and oil, the Group employs over 30,000 people and is the largest taxpayer in Nigeria, contributing more in taxes than all of Nigeria’s banks combined. It is also the country’s largest employer after the government.
“The $20bn Dangote Petroleum Refinery & Petrochemicals, the Group’s flagship project, stands as the largest single private investment in Africa.
“In addition to his business interests, Dangote leads the Aliko Dangote Foundation, the largest private foundation in sub-Saharan Africa, with the largest endowment by a single African donor. The Foundation primarily focuses on child nutrition while also supporting interventions in health, education, empowerment, and disaster relief,” it was stated.
