*** Tasks him to drive investment and job creations in emerging economies
The President and Chief Executive of Dangote Group, Aliko Dangote has been appointed to the World Bank’s Private Sector Investment Lab, joining a selected group of global business leaders tasked with driving Investment and job creation in an emerging economies.
In a statement confirming his acceptance, the African Industrialist reaffirmed his commitment to fostering sustainable economic growth through Private Sector – led Investment, noting the transformative potential of initiatives in develop markets.
Elated Dangote said, “I am 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.
The President and Chief Executive officer of Dangote Group disclosed further that “This Opportunity alligns with his 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 strategic investment and focused economic policy, I am eager to collaborate with fellow leaders to replicate such outcomes across other regions.
The Dangote Group, founded by Aliko Dangote, is the largest on the African Continent. With interest spanning Cement, Salt, Sugar, and Oil, the Group employs over 30,000 people and is the largest taxpayer in Nigeria – Contributing more in taxes than all of Nigeria banks combined. It is also the Country’s largest employer after government.
The $20 billion Dangote Petroleum Refinery and Petro Chemicals, the Group’s flagship project, stands as the largest single private investment in Africa. In addition to his business interest, Dangote leads the Aliko Dangote Foundation (ADF), the largest private private foundation in Sub – Sahara Africa, with the largest endowment by a single African donor.
The Foundation primarily focuses on child nutrition, while also supporting interventions in health, education, empowerment, and disaster relief.
The World Bank announced Dangote’s appointment last Wednesday as part of a broader expansive of its Private Sector Investment Lab, which now enters a new phase aimed at scaling up solutions to attract private capital and creating jobs in the developing world.
Joining Dangote in the elite group are Bill Anderson, CEO of Bayer A G; Sunil Bharti Mittal,Chair of Bharti Enterprises and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies – supporting the Bank’s sharpened focus on job creation as a central pillar of global development.
“With the expansive membership, we are mainstreaming this work this work across’s our operations and tying it directly to the agenda that is driving our strategy, said World Bank Group President, Ajay Banga. This isn’t about helping the private sector path to investment that well deliver returns and lift, and lift people and economics alike, it’s Central to our mandate”.
The global bank said that over the last 18 months, the Lab brought together leaders from global financial institution to identify the most pressing barriers to private sector investment in the developing countries and to test actionable solutions.
The statement said that the work has now been consolidated into five priority focus areas that were being integrated across the bank operations, including regulatory and policy certainty.
The Lab’s founding members included Senior Executives from AXA, Black Rock, HSBC, Macquarie, Mitsubishi, UFJ Financial Group, Ninety One, Ping An Group, Royal Philips, Standard Bank, Standard Chartered, Sustainable Energy for All, Tata and Sons, Tamasek, and Cairns Group. The Lab is chaired by Shriti Vadera, Chair of Prudential Plc.
