Aliko Dangote, the President and CEO of Dangote Group, has expressed his gratitude after being appointed to the World Bank’s Private Sector Investment Lab, a body focused on increasing investment and creating jobs in emerging economies.
In a statement confirming his acceptance, Dangote emphasized his ongoing commitment to driving sustainable economic growth through private sector investment, highlighting the potential of these efforts to transform developing markets.
“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.
He further added, “This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies. Inspired by the successes of the Asian Tigers, which have shown the power of strategic investment and focused economic policies, I look forward to working with fellow leaders to replicate similar outcomes in other regions.”
In 2023, the Prime Minister of Canada, Mark Carney, co-chaired the Private Sector Investment Lab, which aimed to attract £1 trillion in sustainable investment to support the energy transition in emerging markets.
Dangote’s appointment was announced on Wednesday as part of an expansion of the Lab, marking the beginning of a new phase aimed at scaling up solutions to attract private capital and create jobs in developing regions.
Along with Dangote, other prominent figures appointed include 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 stated that the new group of business leaders is known for their track record in generating employment in developing economies, supporting the Bank’s focus on job creation as a central part of global development.
World Bank Group President, Ajay Banga, stated, “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.”
Over the past 18 months, the Lab has brought together leaders from global financial institutions to identify key barriers to private sector investment in developing countries and to test actionable solutions. These efforts have now been consolidated into five priority areas being integrated into the Bank’s operations, including regulatory and policy certainty.
The statement also highlighted that Dangote Group, founded by Aliko Dangote, 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 Nigerian banks combined. It is also the country’s largest employer after the government.
Additionally, Dangote leads the Aliko Dangote Foundation, the largest private foundation in sub-Saharan Africa, focusing on child nutrition, as well as health, education, empowerment, and disaster relief initiatives. The Foundation holds the largest endowment by a single African donor. The Group’s flagship project, the $20bn Dangote Petroleum Refinery & Petrochemicals, stands as the largest private investment in Africa.
