*The World Bank鈥檚 Private Sector Investment Lab tasks Aliko Dangote to drive investments and job creations in the emerging economies

Isola Moses | 绿帽献妻

Aliko Dangote, President and Chief Executive (CE) of Dangote Industries Limited (DIL), has been appointed to the World Bank鈥檚 Private Sector Investment Lab.

Dangote is joining a select group of global business leaders tasked with driving investment and job creation in emerging economies.

Affirming the appointment and his acceptance of same, the African industrialist, in a statement, reaffirmed his commitment to fostering sustainable economic growth through private sector-led investment, noting the transformative potential of such initiatives in developing markets.

He stated: 鈥淚 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.

鈥淭his opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies.”

The Chief Executive of DIL also said: “Drawing inspiration from the remarkable successes of the Asian Tigers, which have demonstrated the power of strategic investment and focused economic policy, I am eager to collaborate with fellow leaders to replicate such outcomes across other regions.鈥�

It is said the 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鈥攃ontributing more in taxes than all of Nigeria鈥檚 banks combined.

The statement equally noted the conglomerate is the country鈥檚 largest employer after the government.

The $20 billion Dangote Petroleum Refinery and Petrochemicals, the Group鈥檚 flagship project, stands as the largest single private investment in Africa.

Besides his business interests, Dangote leads the Aliko Dangote Foundation (ADF), the largest private foundation in sub-Saharan Africa, with the largest endowment by a single African donor. The Foundation primarily focuses on child nutrition, while also supporting interventions in health, education, empowerment, and disaster relief.

The World Bank announced Dangote鈥檚 appointment on Wednesday as part of a broader expansion of its Private Sector Investment Lab, which now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.

Joining Dangote in the elite 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.

The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies鈥攕upporting the Bank鈥檚 sharpened focus on job creation as a central pillar of global development.

Speaking on Dangote’s appointment, Ajay Banga, World Bank Group President, was quoted to have said: 鈥淲ith the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy.

鈥淭his isn鈥檛 about altruism鈥攊t鈥檚 about helping the private sector see a path to investments that will deliver returns, and lift people and economies alike. It鈥檚 central to our mandate.鈥�

The global bank said that over the last 18 months, the Lab brought together leaders from global financial institutions to identify the most pressing barriers to private sector investment in developing countries and to test actionable solutions.

The statement disclosed the work had now been consolidated into five priority focus areas that are being integrated into the bank operations, including regulatory and policy certainty.

The Lab鈥檚 founding members included senior executives from AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, Ninety One, Ping An Group, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy for All, Tata Sons, Temasek, and Three Cairns Group. The Lab is chaired by Shriti Vadera, Chair of Prudential plc.

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