By SpringNewsNG

Africa’s richest man and President of the Dangote Group, Aliko Dangote, has officially accepted his appointment to the World Bank’s Private Sector Investment Lab, a move that places him alongside a prestigious group of global business leaders dedicated to accelerating investment and job creation in developing nations.

In a statement confirming his new role, Dangote expressed enthusiasm about the opportunity, highlighting how it aligns with his long-standing commitment to sustainable development across emerging 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,” said Dangote.

He added that his participation draws inspiration from the economic success of the Asian Tigers and that he is eager to work with fellow leaders to replicate similar progress in Africa and beyond.

The Private Sector Investment Lab, which was co-chaired in 2023 by Canada’s former Prime Minister Mark Carney, previously aimed to mobilize £1 trillion in sustainable investment for energy transition initiatives in developing countries. The lab has now entered a new phase—scaling up efforts to tackle regulatory, policy, and infrastructure barriers to private investment.

The World Bank’s expanded Lab team now includes top business executives such as:

• Bill Anderson, CEO of Bayer AG
• Sunil Bharti Mittal, Chair of Bharti Enterprises
• Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation

According to World Bank Group President Ajay Banga, the Lab’s mission is not about charity, but about making smart investments that can yield significant returns while lifting people out of poverty.

“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.

Over the past 18 months, the Lab has been instrumental in identifying major barriers to private sector growth in emerging economies, and it has now consolidated its work into five priority areas, including enhancing policy clarity and enabling a more secure environment for investors.

The Dangote Group, founded and chaired by Aliko Dangote, is West Africa’s largest conglomerate and a major force on the African continent. With operations spanning cement, sugar, salt, fertiliser, and oil, the Group employs over 30,000 people and is Nigeria’s highest-paying private taxpayer—outpacing even the country’s entire banking sector.

Among its landmark projects is the $20 billion Dangote Petroleum Refinery & Petrochemicals, the largest single private-sector investment in Africa.

Outside of business, Dangote is also the founder of the Aliko Dangote Foundation, the largest private foundation in sub-Saharan Africa. The Foundation focuses on child nutrition, health, education, disaster relief, and women’s empowerment, and holds the highest endowment from a single African donor.

Dangote’s appointment reflects the World Bank’s renewed commitment to partnering with influential private sector leaders to unlock economic opportunities and foster inclusive growth across the developing world.

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