LAGOS/WASHINGTON, April 25 — In a significant boost for African business leadership on the global stage, Aliko Dangote, President and CEO of Dangote Group, has been appointed to the World Bank’s expanded CEO Private Sector Initiative. The World Bank announced the initiative today, following a strategic expansion designed to intensify private sector engagement in global development efforts.
The CEO Private Sector Initiative, launched in 2023, aims to leverage the insights and influence of top global executives to accelerate investment in emerging markets, strengthen collaboration between the public and private sectors, and address critical challenges in achieving the Sustainable Development Goals (SDGs).
Highlights
- Aliko Dangote becomes one of the few African executives appointed to the World Bank CEO Private Sector Initiative.
- The initiative seeks to deepen private sector partnerships for global development, with a particular focus on emerging markets.
- Dangote joins other new appointees including leaders from Bayer, Hyatt, Walmart, and Bharti Enterprises.
- His appointment signals increased recognition of Africa’s role in global economic transformation.
- Dangote is tasked with advancing investment and job creation in developing economies.
- The Lab is chaired by Shriti Vadera, Chair of Prudential plc.
A Strategic Expansion of Global Leadership
Dangote’s appointment comes alongside other high-profile additions to the initiative, including executives from Bayer AG (Bill Anderson), Hyatt Hotels Corporation (Mark Hoplamazian), Walmart, and Bharti Enterprises (Sunil Bharti Mittal).
By broadening its network, the World Bank aims to foster stronger ties with influential private sector leaders who can drive investment and innovation at scale, particularly in regions historically underrepresented at the global decision-making table.
“We believe that meaningful development progress requires the active engagement of the private sector,” said Ajay Banga, President of the World Bank Group. “Executives like Aliko Dangote bring critical expertise and a powerful perspective on the challenges and opportunities faced by emerging markets.”
Championing African Economic Transformation
Dangote’s elevation to this global platform underscores the rising influence of African business leaders in shaping international economic development discourse.
As Africa’s wealthiest businessman, Dangote has long advocated for industrialisation as the key to sustainable growth across the continent. Through his diversified conglomerate, Dangote Group, he has championed investments in cement, agriculture, oil refining, and infrastructure.
In remarks following his appointment, Dangote emphasized the urgent need for strategic investments in Africa’s manufacturing, agriculture, and infrastructure sectors to unlock inclusive growth and reduce dependency on external 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,” Dangote stated.
“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, I am eager to collaborate with fellow leaders to replicate such outcomes across other regions.”
Dangote Group and Social Impact
The Dangote Group, founded by Aliko Dangote, is the largest conglomerate in West Africa and one of the largest on the African continent. With interests spanning cement, fertiliser, 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’s banks combined. It is also the country’s largest employer after the government.
Its flagship project—the $20 billion Dangote Petroleum Refinery & Petrochemicals—is the most significant single private investment in Africa.
Beyond business, Dangote also leads the Aliko Dangote Foundation (ADF), the largest private foundation in sub-Saharan Africa. With a significant endowment, it focuses on child nutrition, healthcare, education, and disaster relief.
The Private Sector’s Expanding Role
The World Bank’s move to deepen private sector collaboration comes at a time when development financing gaps are widening. Estimates suggest trillions of dollars in annual investment are required to meet the 2030 Sustainable Development Goals, far beyond the reach of traditional public funding sources.
By tapping into the expertise and resources of business leaders like Dangote, the World Bank aims to catalyse transformative projects that can create jobs, build resilient economies, and foster long-term stability.
Over the last 18 months, the Lab convened leaders from 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. These stakeholders have shaped five priority areas of focus to reduce regulatory barriers and de-risk private investment.
Looking Ahead
As global economic dynamics evolve, the inclusion of Aliko Dangote in the World Bank’s CEO Private Sector Initiative sends a clear signal: Africa is not just a beneficiary of development efforts, but an indispensable driver of global prosperity.
The world will be watching closely to see how Dangote and his fellow private sector leaders shape the next phase of international development in the years to come.
