Africa’s richest man and President of Dangote Group, Aliko Dangote, has expressed happiness over his recent appointment into the World Bank’s Private Sector Investment Lab. This group was created to boost investments and create jobs in developing countries.
In a statement confirming his acceptance, Dangote said he was proud to join the team. He promised to keep pushing for more private sector investments that would bring sustainable economic growth to developing nations. According to him, private investment has the power to change the lives of millions in places like Africa.
“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 added, “This opportunity matches my passion for sustainable development and helping developing economies to grow. I am inspired by how the Asian Tigers like Singapore and South Korea used strategic investments and good policies to transform their economies. I hope we can achieve similar success across Africa and other regions.”
The World Bank announced Dangote’s appointment on Wednesday as part of plans to expand the Private Sector Investment Lab. The expansion marks a new phase where the group will focus more on bringing in private capital and creating millions of jobs around the world.
Dangote will work alongside top business leaders including Bayer CEO, Bill Anderson; Chair of Bharti Enterprises, Sunil Bharti Mittal; and President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian.
The President of the World Bank Group, Ajay Banga, explained that the expansion is aimed at making job creation a major part of the Bank’s global development strategy. He said, “This is not charity work. It is about showing the private sector that investing in developing countries can bring profits while also improving lives and economies. It is now a main part of our mission.”
In the last 18 months, the Private Sector Investment Lab has brought together leaders from the world’s biggest financial institutions to find out what blocks private investments in developing countries. They have also been testing new ideas to solve these problems.
The Lab’s work is now focused on five major areas, including making sure that there are clear and stable policies for investors.
Mark Carney, former Prime Minister of Canada, co-chaired the Lab in 2023. That year, their goal was to attract about £1 trillion in sustainable investments to help emerging markets switch to cleaner energy.
Meanwhile, Dangote continues to show strong leadership in the African private sector. His company, Dangote Group, remains the largest conglomerate in West Africa and one of the biggest in Africa. The Group has interests in cement, fertiliser, salt, sugar, and oil.
Dangote Group employs over 30,000 people and is the biggest private sector employer in Nigeria after the federal government. It is also the largest taxpayer in Nigeria, paying more in taxes than all the Nigerian banks combined.
One of the company’s major achievements is the Dangote Petroleum Refinery & Petrochemicals, worth $20 billion, which is said to be the largest single private investment project in Africa.
Aside from business, Dangote is also active in charity through the Aliko Dangote Foundation. It is the biggest private foundation in sub-Saharan Africa, funded solely by Dangote himself. The Foundation focuses mainly on fighting child malnutrition but also supports health, education, women empowerment, and disaster relief efforts.
With this new World Bank appointment, Dangote continues to place himself at the centre of global efforts to use private investment as a tool for development, while also carrying Nigeria and Africa along.
