The World Bank has appointed Africa’s wealthiest businessman, Aliko Dangote, to its prestigious Private Sector Investment Lab, positioning him alongside an exclusive group of global business leaders tasked with mobilizing investment and boosting employment in developing nations.
Dangote, who is President and CEO of the Dangote Group, confirmed his acceptance in a statement on Wednesday, describing the appointment as a continuation of his long-standing advocacy for sustainable economic growth through private-sector-led development.
“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.
“This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies.”
He further expressed inspiration from the economic rise of the Asian Tigers, noting that strategic investment and sound policy frameworks were critical to replicating similar growth trajectories across Africa and other regions.
Dangote now joins other globally influential figures in the expanded Lab, including Bayer AG CEO Bill Anderson; Bharti Enterprises Chair Sunil Bharti Mittal; and Hyatt Hotels CEO Mark Hoplamazian.
World Bank Group President Ajay Banga highlighted the importance of the Lab’s expanded membership, saying it reflects the institution’s sharpened emphasis on job creation.
“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,” Banga said.
Launched to identify and overcome barriers to private sector investment in developing economies, the Lab has over the last 18 months worked with leaders from major financial institutions.
Their findings are now being integrated into World Bank operations, with five strategic focus areas, including regulatory and policy certainty.
The Lab is chaired by Shriti Vadera, Chair of Prudential plc.
Its founding members include top executives from institutions such as AXA, BlackRock, HSBC, Temasek, and Tata Sons.
The Dangote Group, which Dangote founded, is the largest industrial conglomerate in West Africa, with major investments in cement, sugar, salt, fertiliser, and oil.
Its $20 billion refinery and petrochemical complex is the largest private investment in Africa.
Beyond business, Dangote also oversees the Aliko Dangote Foundation, the largest private philanthropic organization in sub-Saharan Africa.
The foundation is primarily focused on child nutrition but also supports health, education, and humanitarian initiatives.
