Dangote Joins World Bank’s Global Investment Lab to Boost Emerging Economies

Aliko Dangote, President and CEO of the Dangote Group, has accepted an invitation to join the World Bank’s Private Sector Investment Lab. The Lab brings together a select group of top global business leaders working to drive private investment and job creation in emerging markets.

In 2023, the initiative, co-chaired by former Canadian Prime Minister Mark Carney, aimed to mobilize £1 trillion in sustainable investments to support energy transitions in developing economies.

Confirming his acceptance, Dangote expressed his commitment to promoting economic growth through private sector-led investment. He emphasized the significant role such efforts can play in transforming developing markets.

“I am honoured and excited to join the World Bank’s Private Sector Investment Lab, which is dedicated to enhancing investment and employment opportunities in emerging economies,” Dangote said.

He added, “This aligns perfectly with my lifelong dedication to sustainable development and unlocking the potential of developing nations. Inspired by the economic rise of the Asian Tigers, I look forward to working with other leaders to help replicate that success in different regions.”

The World Bank announced Dangote’s appointment on Wednesday as it expanded the Lab’s scope to boost private capital inflows and generate employment in low- and middle-income countries.

Other newly appointed members include Bayer AG CEO Bill Anderson, Bharti Enterprises Chairman Sunil Bharti Mittal, and Hyatt Hotels Corporation President and CEO Mark Hoplamazian.

World Bank Group President Ajay Banga said the expanded Lab aims to embed investment-focused strategies across its operations, with a strong emphasis on job creation.

“This is not just about goodwill it’s about showing the private sector viable paths for profitable investments that also uplift communities and economies. This is at the core of our mission,” Banga said.

Over the past 18 months, the Lab has worked with global financial leaders to identify major challenges to private investment in developing countries and has tested practical solutions. These efforts have now been consolidated into five key priority areas, including regulatory and policy stability, and are being integrated into the Bank’s programs.

The Dangote Group, founded by Aliko Dangote, is the largest industrial conglomerate in West Africa and among the biggest in Africa. Its operations span cement, sugar, salt, fertiliser, and oil. It employs over 30,000 people and is Nigeria’s largest private employer and taxpayer surpassing the contributions of the entire banking sector.

The Group’s flagship $20 billion Dangote Refinery and Petrochemicals project is the largest private investment ever made in Africa.

In addition to his business ventures, Dangote also chairs the Aliko Dangote Foundation the largest private foundation in sub-Saharan Africa. The Foundation focuses primarily on child nutrition, but also supports healthcare, education, empowerment, and emergency response efforts.