Faith Nyasuguta
Africa’s richest man, Aliko Dangote, has accepted an invitation to join the World Bank’s Private Sector Investment Lab, an initiative aimed at scaling private investment and job creation in developing countries. The announcement was made on Wednesday as part of the Lab’s expanded second phase, which now includes top global industry leaders with proven records in employment generation and economic transformation.
Dangote, President and CEO of the Dangote Group, expressed both excitement and a deep sense of honor in joining the initiative. “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 stated.
He emphasized that the opportunity aligns with his commitment to sustainable development and unlocking the potential of Africa and other developing regions. Drawing inspiration from the economic transformation of the Asian Tigers, Dangote expressed optimism about replicating similar outcomes through collaboration with global business leaders. “The strategic investment and focused economic policies that worked in Asia can and should be replicated in Africa,” he added.
The World Bank’s Private Sector Investment Lab was launched with the goal of generating innovative ideas that can attract private capital to projects that stimulate job creation in underserved markets. According to World Bank President Ajay Banga, the new phase of the Lab is designed to deepen the Bank’s role in development through job creation.
“The industries represented by the new Lab members have a proven ability to translate investment into broad-based employment and economic opportunity,” Banga said. Other newly appointed members include Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chair of Bharti Enterprises; and Mark Hoplamazian, CEO of Hyatt Hotels Corporation.
Dangote’s impact across Africa is already significant. According to data from his company, Dangote Cement alone supports 54,000 jobs across Nigeria, Ethiopia, Senegal, and South Africa. His recently completed 650,000 barrels-per-day refinery project in Nigeria employs 29,000 Nigerians and 11,000 expatriates, making it one of Africa’s largest industrial ventures.
The Private Sector Investment Lab was originally launched by CEOs from AXA, BlackRock, HSBC, Tata Sons, Standard Chartered, and others. It is chaired by Shriti Vadera of Prudential plc.
Dangote’s inclusion signals growing global confidence in Africa’s private sector leadership to help steer sustainable growth and investment across the continent.
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