Onome Amuge
Aliko Dangote, president and chief executive of the Dangote Group, has been appointed to the World Bank’s Private Sector Investment Lab, a newly expanded initiative comprising a select group of global business leaders tasked with identifying and scaling solutions to unlock private capital and foster job creation in emerging economies.
The appointment of the prominent African industrialist, announced by the World Bank recently, ushers a renewed drive by the multilateral lender to directly engage with the private sector in addressing development challenges.Â
Dangote joins a high-profile cohort that includes Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chair of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
The Private Sector Investment Lab, previously co-chaired in 2023 by Mark Carney, the former governor of the Bank of England and current prime minister of Canada, initially focused on attracting £1 trillion in sustainable investment to support the energy transition in emerging markets. This new phase marks a broadening of its mandate, with a sharpened emphasis on job creation as a central pillar of the World Bank’s development strategy.
In a statement confirming his participation, Dangote expressed his commitment to the Lab’s objectives. “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,” he said. “This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies.”
Drawing inspiration from the economic transformations witnessed in Asia, Dangote added, “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.”
Ajay Banga, World Bank Group President underscored the importance of the expanded Lab. “With the expanded membership, we are mainstreaming this work across our operations and tying it directly to the jobs agenda that is driving our strategy.
 “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 convened leaders from global financial institutions to pinpoint the key obstacles hindering private sector investment in developing countries and to pilot actionable solutions. This initial phase has now been consolidated into five priority focus areas that are being integrated across the World Bank’s operations, including enhancing regulatory and policy certainty for investors.
Founding members of the Lab included senior executives from major financial players such as AXA, BlackRock, HSBC, Macquarie, Mitsubishi UFJ Financial Group, Ninety One, Ping An Group, Standard Bank, Standard Chartered, and Temasek, as well as entities like Royal Philips, Sustainable Energy for All, Tata Sons, and Three Cairns Group. The Lab is chaired by Shriti Vadera, Chair of Prudential plc.
According to the World Bank, Dangote brings significant experience in addressing the complexities of investing and building businesses in emerging markets. His Dangote Group is the largest conglomerate in West Africa and a major player across the African continent, with diverse interests spanning essential sectors such as cement, fertiliser, salt, sugar, and the recently commissioned $20 billion Dangote Petroleum Refinery & Petrochemicals, the largest single private investment in Africa.
The group employs over 30,000 people and is Nigeria’s largest taxpayer, contributing more in taxes than the country’s entire banking sector combined. It also stands as the largest employer in Nigeria after the government, highlighting Dangote’s track record in job creation within a developing economy.
Beyond his business empire, Dangote also leads the Aliko Dangote Foundation (ADF), the largest private philanthropic organisation in sub-Saharan Africa, endowed by a single African donor. The Foundation’s primary focus is on child nutrition, alongside interventions in health, education, empowerment, and disaster relief, demonstrating a broader commitment to social and economic development.
