Dangote Joins World Bank’s Private Sector Investment Lab
By Patience Ikpeme
President and Chief Executive of the Dangote Group, Aliko Dangote, has been appointed to the World Bank’s Private Sector Investment Lab—a high-level initiative bringing together leading global business figures to design and scale solutions aimed at stimulating private investment and employment in emerging economies.
Dangote’s inclusion in the Lab was announced by the World Bank on Wednesday as part of a broader expansion of the initiative. The Lab has now entered a new operational phase, integrating its work across the Bank’s projects and concentrating on driving private capital into developing countries.
Reacting to the appointment, Africa’s most prominent industrialist described the opportunity as aligned with his personal mission to drive sustainable development across the continent.
“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 in a statement.
“This opportunity aligns with my long-standing commitment to sustainable development and unlocking the potential of developing economies. 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.”
Dangote’s influence in Africa’s industrial landscape is far-reaching. The Dangote Group, which he founded, is West Africa’s largest conglomerate and a major contributor to the continent’s economic output. Its operations span a diverse portfolio that includes cement, fertiliser, sugar, salt, and oil refining. The group employs over 30,000 people and holds the distinction of being the highest corporate taxpayer in Nigeria, outpacing the combined tax contributions of the country’s banking sector.
Among the Group’s most ambitious undertakings is the $20 billion Dangote Petroleum Refinery & Petrochemicals project, touted as the largest single private investment on the African continent. Located in Lagos, the refinery is designed to significantly reduce Nigeria’s dependence on imported refined petroleum products, while boosting local capacity and job creation.
In the social sector, Dangote leads the Aliko Dangote Foundation (ADF), the largest private philanthropic organisation in sub-Saharan Africa. With the continent’s most substantial endowment by an individual donor, the Foundation focuses primarily on nutrition, while also delivering wide-ranging interventions in education, healthcare, disaster relief, and economic empowerment.
The World Bank’s decision to appoint Dangote to the Lab reflects a growing push to incorporate experienced private sector voices into the Bank’s core development agenda. Alongside Dangote, newly appointed members include Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chair of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
According to the World Bank, these new appointments build on an 18-month effort to engage financial leaders in identifying key barriers to investment in emerging markets and experimenting with practical solutions to overcome them.
“Over the past 18 months, the Lab has worked with leaders from global financial institutions to uncover the main roadblocks to private sector investment in developing economies,” the Bank said in its statement. “This work has now been consolidated into five focus areas that will be embedded into the Bank’s operations, including the push for regulatory and policy certainty.”
World Bank Group President Ajay Banga said the inclusion of new members such as Dangote represents a deepening of the institution’s commitment to leveraging the private sector to drive global development.
“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,” Banga said. “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.”
The Lab’s founding members include senior executives from major global financial institutions and corporations 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. Shriti Vadera, Chair of Prudential plc, serves as the Lab’s Chair.
The expansion of the Private Sector Investment Lab comes amid a growing recognition of the critical role of private capital in tackling development challenges—particularly in regions where government budgets are constrained, and youth unemployment remains persistently high.
As Dangote joins the initiative, expectations are high that his practical experience in building businesses across multiple sectors and navigating complex investment landscapes will bring valuable insights to the Lab’s mission. His participation is also seen as a vote of confidence in the role of Africa’s private sector in shaping the continent’s economic future.
The Lab’s next phase is expected to focus on integrating its priority areas into World Bank-financed operations, thereby aligning large-scale development financing with proven investment strategies from the private sector.
