Dangote joins World Bank elite group on catalysing emerging economies growth
By Matthew Denis
Aliko Dangote, President and Chief Executive of the Dangote Group, has been appointed to the World Bank’s Private Sector Investment Lab. He joins a distinguished group of global business leaders tasked with driving investment and job creation in emerging economies.
In a statement confirming his acceptance, the prominent African industrialist expressed his enthusiasm for the new role, reaffirming his commitment to fostering sustainable economic growth through private sector-led investment. He acknowledged the transformative power of such initiatives in 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,” Dangote said.
“This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies. Inspired by the remarkable successes of the Asian Tigers, which have demonstrated the effectiveness of strategic investment and focused economic policy, I look forward to collaborating with fellow leaders to replicate these results across other regions.”
The Dangote Group, which was founded by Aliko Dangote, is the largest conglomerate in West Africa and ranks among the largest on the African continent. 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 of Nigeria’s banks combined. It is also the country’s largest employer after the government.
The $20 billion Dangote Petroleum Refinery & Petrochemicals, the Group’s flagship project, is the largest single private investment in Africa.
In addition to his business ventures, 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 focuses primarily on child nutrition, while also supporting initiatives in health, education, empowerment, and disaster relief.
Dangote’s appointment is part of a broader expansion of the World Bank’s Private Sector Investment Lab, which is entering a new phase aimed at scaling up solutions to attract private capital and create jobs in developing countries.
Alongside Dangote, other prominent figures joining the Lab include Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chairman of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
The World Bank stated that the expanded membership brings together business leaders with proven success in generating employment in developing economies. This supports the Bank’s renewed focus on job creation as a central pillar of global development.
“With the expanded membership, we are integrating this work into all our operations, linking it directly to the jobs agenda that is central to our strategy,” said World Bank Group President Ajay Banga.
“This isn’t about altruism—it’s about helping the private sector see a clear path to investments that will deliver returns and lift people and economies alike. It’s central to our mandate.”
Over the past 18 months, the Lab has convened leaders from global financial institutions to identify the most significant barriers to private sector investment in developing nations and test actionable solutions.
The World Bank said that this work has now been consolidated into five priority focus areas that are being integrated across the Bank’s operations, with regulatory and policy certainty being a key focus.
The Lab’s founding members include senior executives from organisations such as 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.
