Dangote Expresses Honor at World Bank Appointment
Dangote Expresses Honor at World Bank Appointment
Aliko Dangote, President and Chief Executive of the Dangote Group, has expressed his appreciation for being appointed to the World Bank’s Private Sector Investment Lab, an initiative focused on enhancing investment and job creation in emerging economies.
In a statement confirming his acceptance, Dangote emphasized his dedication to promoting sustainable economic growth through privately-led investments, highlighting the significant impact such initiatives can have in developing markets.
“I am both honored and excited to accept my appointment to the World Bank’s Private Sector Investment Lab, which aims to foster investment and employment in emerging economies,” he stated.
Dangote further remarked, “This opportunity resonates with my enduring commitment to sustainable development and unlocking the potential in developing economies. Inspired by the impressive achievements of the Asian Tigers, which showcased the power of strategic investment and effective economic policy, I am enthusiastic about collaborating with fellow leaders to replicate similar successes in other regions.”
In 2023, Canadian Prime Minister Mark Carney co-chaired the Private Sector Investment Lab, focusing on attracting £1 trillion in sustainable investment to facilitate the energy transition in emerging markets.
The World Bank announced Dangote’s appointment on Wednesday as part of an expansion of its Private Sector Investment Lab, which is entering a new phase aimed at increasing solutions for attracting private capital and generating jobs in developing countries.
Joining Dangote in this esteemed group are Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chair of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
According to the World Bank, the expanded membership brings together business leaders with proven success in creating jobs in developing economies, aligning with the Bank’s heightened emphasis on job creation as a fundamental element of global development.
“With the broadened membership, we are integrating this work into our operations and connecting it directly to our jobs agenda, which is driving our overall strategy. This isn’t just about altruism—it’s about enabling the private sector to find avenues for investments that yield returns while uplifting people and economies. This is central to our mission,” stated World Bank Group President Ajay Banga.
The global financial institution noted that over the past 18 months, the Lab has convened leaders from international financial institutions to identify key barriers to private sector investment in developing countries and to pilot actionable solutions.
The World Bank’s statement indicated that their efforts have now been consolidated into five priority areas, which are being incorporated across the Bank’s operations, including the need for regulatory and policy certainty.
The statement also highlighted that the Dangote Group, founded by Dangote, is the largest conglomerate in West Africa and among the largest on the African continent. With interests in cement, fertilizer, salt, sugar, and oil, the Group employs over 30,000 individuals and is Nigeria’s largest taxpayer, contributing more in taxes than all of Nigeria’s banks combined. Additionally, it is the largest employer in the country after the government.
The $20 billion Dangote Petroleum Refinery & Petrochemicals, the Group’s flagship project, represents the largest single private investment in Africa.
