Aliko Dangote, President and CEO of the Dangote Group, has confirmed his appointment to the World Bank’s Private Sector Investment Lab, which is dedicated to boosting investment and creating jobs in emerging economies.
In a statement, Dangote expressed his commitment to driving sustainable economic growth through private sector investments, which he believes can have a transformative impact on developing markets. He highlighted the lessons drawn from the success of the Asian Tigers, which leveraged strategic investment and economic policies to drive growth, and expressed his eagerness to collaborate with fellow leaders to replicate similar outcomes in other regions.
Dangote’s appointment is part of the Lab’s expansion, which aims to scale solutions to attract private capital and create jobs in the developing world. The expanded membership also includes leaders such as 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 emphasized that the expanded group will focus on job creation as a central element of global development. World Bank Group President Ajay Banga stated that the initiative would bring together business leaders who have proven success in generating employment in developing economies.
The Lab has already made significant strides by addressing barriers to private sector investment in developing countries, focusing on five priority areas, including regulatory and policy certainty.
The Dangote Group, founded by Aliko Dangote, is West Africa’s largest conglomerate, with interests in cement, fertilizer, salt, sugar, and oil. It employs over 30,000 people and is Nigeria’s largest taxpayer. Dangote is also the driving force behind the Aliko Dangote Foundation, which focuses on child nutrition and supports initiatives in health, education, and disaster relief.