Africa’s richest man and President of Dangote Group, Aliko Dangote, has expressed his gratitude following his appointment to the World Bank’s Private Sector Investment Lab—an initiative aimed at unlocking private investment and boosting job creation in emerging economies.

In a statement confirming his acceptance, Dangote reaffirmed his dedication to sustainable economic growth through private sector-led investment, highlighting the transformative impact of such initiatives in developing markets.

“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 successes of the Asian Tigers—who exemplify the power of strategic investment and focused economic policy—I look forward to collaborating with fellow leaders to replicate similar outcomes across other regions,” he added.

The World Bank announced Dangote’s appointment on Wednesday as part of a broader expansion of the Lab, which now enters a new phase focused on scaling up solutions to attract private capital and generate employment in developing nations.

Other notable appointments include Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chair of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.

World Bank Group President Ajay Banga said the expansion signals a deepened focus on job creation as a core development strategy. “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 deliver returns and uplift people and economies alike. It’s central to our mandate,” Banga stated.

The Lab, initially co-chaired in 2023 by Canadian Prime Minister Mark Carney, had set a target of mobilising £1 trillion in sustainable investment to support energy transitions in emerging markets.

Over the past 18 months, the Lab has convened top global financial leaders to identify the key barriers to private sector investment and develop actionable, scalable solutions. Its work has now been distilled into five priority focus areas, including enhancing regulatory and policy certainty—now being integrated into the World Bank’s operational strategy.

Dangote’s inclusion comes as recognition of his impactful business record. The Dangote Group, founded by him, is West Africa’s largest conglomerate with interests spanning cement, fertiliser, sugar, salt, and oil. It employs over 30,000 people and is Nigeria’s largest private-sector employer and taxpayer—surpassing the combined tax contributions of all Nigerian banks.

The Group’s $20 billion Dangote Petroleum Refinery & Petrochemicals project is the largest single private investment in Africa, reflecting its pivotal role in the continent’s industrial transformation.

Beyond business, Dangote also chairs the Aliko Dangote Foundation, the largest private foundation in sub-Saharan Africa. With the largest endowment from a single African donor, the Foundation is primarily focused on child nutrition, while also supporting health, education, economic empowerment, and disaster relief efforts.