Dangote appointed to the board of World Bank private sector organisation set up to fight poverty

ALHAJI Aliko Dangote has been appointed to the World Bank's Private Sector Investment Lab in a move aimed at driving job creation and sustainable development across emerging economies.

Africa's richest man and the president of the Dangote Group, Aliko Dangote, recently opened the continent's largest petroleum refinery in Lagos. He is also a very big player in the sugar and cement industries and his Aliko Dangote Foundation does a lot of charitable work across developing nations.

Joining Alhaji Dangote in this elite group are Bill Anderson, the chief executive of Bayer; Sunil Bharti Mittal, the chair of Bharti Enterprises and Mark Hoplamazian, the president of Hyatt Hotels Corporation. Accepting the World Bank appointment, Alhaji Dangote reaffirmed his commitment to fostering sustainable economic growth through private sector-led investment, highlighting the transformative potential of such initiatives in developing markets.

Alhaji Dangote said: “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. 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.”

Under an expansion plan, the World Bank's private sector programme is now entering a new phase aimed at scaling up solutions to attract private capital and generate employment in the developing world. Earlier this month, the World Bank stated that this expanded membership brings together business leaders with proven track records in generating employment across developing economies, supporting the bank’s sharpened focus on job creation as a central pillar of global development.

World Bank Group president Ajay Banga; said: “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 will deliver returns and lift people and economies alike. It’s central to our mandate.”

In 2023, Mark Carney, the Canadian prime minister, co-chaired the Private Sector Investment Lab, which focused on attracting £1trn in sustainable investment to support the energy transition in emerging markets. Earlier this week, the World Bank predicted that poverty in Nigeria will increase by 3.6 percentage points over the next five years, rising through 2027.

According to the World Bank’s recent Africa’s Pulse report,  Nigeria and other resource-rich and fragile countries in Sub-Saharan Africa, will experience an exacerbating poverty situation, unlike non-resource-rich countries, which are expected to see faster poverty reduction. This report underscores that sub-Saharan Africa continues to have the highest extreme poverty rate globally, as in 2024, 80% of the world’s 695m extreme poor lived in sub-Saharan Africa.