The President and Chief Executive of the Dangote Group, Aliko Dangote, has expressed his gratitude following his appointment to the World Bank’s Private Sector Investment Lab, a body focused on enhancing investment and job creation in emerging economies.
In a statement confirming his acceptance, Dangote reiterated his dedication to promoting sustainable economic development through private sector-led initiatives, highlighting their potential 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,” he said.
He 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—who have shown what focused investment and sound economic policy can achieve—I look forward to collaborating with other leaders to replicate similar outcomes in other regions.”
In 2023, Canadian Prime Minister Mark Carney co-chaired the Lab, which aimed to attract £1 trillion in sustainable investment to accelerate the energy transition in developing nations.
The World Bank announced Dangote’s appointment on Wednesday as part of the Lab’s expansion into a new phase, focused on scaling up strategies that attract private capital and generate employment in lower-income countries.
Joining Dangote on the panel are Bayer AG CEO Bill Anderson, Bharti Enterprises Chairman Sunil Bharti Mittal, and Hyatt Hotels Corporation President and CEO Mark Hoplamazian.
The Bank noted that the expanded Lab membership unites global business leaders with proven track records in job creation within developing economies, reinforcing the Bank’s renewed emphasis on employment as a key driver of 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 showing the private sector that there’s a path to investment that delivers returns while uplifting communities and economies. It’s central to our mandate,” said World Bank Group President Ajay Banga.
Over the past 18 months, the Lab has brought together leaders from major financial institutions to identify the most significant obstacles to private sector investment in the developing world and to test practical solutions.
The Bank’s statement said the Lab’s work has now been consolidated into five priority focus areas that will be embedded into its wider operations, including ensuring regulatory and policy certainty.
It added that the Dangote Group, founded by Aliko Dangote, is the largest conglomerate in West Africa and one of the biggest in Africa, with interests spanning cement, fertiliser, salt, sugar, and oil.
The Group employs over 30,000 people and is Nigeria’s largest taxpayer—contributing more in taxes than all Nigerian banks combined—and the largest private-sector employer in the country.
Its flagship project, the $20 billion Dangote Petroleum Refinery & Petrochemicals, is the largest single private investment on the African continent.
In addition to his business ventures, Dangote leads the Aliko Dangote Foundation, the largest private foundation in sub-Saharan Africa, backed by the largest endowment from a single African donor. The foundation prioritises child nutrition, while also supporting health, education, women’s empowerment, and disaster relief.