Dangote Set for Bigger Projects as World Bank Gives Africa’s Richest Man New Appointment
- Aliko Dangote has consented to become a member of a select club of global business leaders
- The mission of the World Bank's Private Sector Investment Lab is to encourage investment and employment growth in developing nations
- Dangote reaffirmed his commitment to encouraging sustainable economic growth via investment led by the private sector
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Legit.ng journalist Zainab Iwayemi has 5-year-experience covering the Economy, Technology, and Capital Market.
Aliko Dangote, the president and CEO of the Dangote Group, has announced that he has agreed to join a select group of international business executives assigned to promote investment and job development in emerging economies by joining the World Bank's Private Sector Investment Lab.
Source: UGC
The Private Sector Investment Lab was co-chaired by Canadian Prime Minister Mark Carney in 2023 with the goal of luring £1 trillion in sustainable investment to help emerging nations with their energy transformation.
Dangote reiterated his dedication to promoting sustainable economic growth through private sector-led investment in a statement confirming his acceptance, pointing out the programs' transformative potential in developing countries.
“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.
Dangote added, “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.”
As part of a larger expansion of its Private Sector Investment Lab, which is currently entering a new phase targeted at scaling up ideas to attract private capital and generate jobs in the developing world, the World Bank announced Dangote's appointment on Wednesday, April 23rd.
Bill Anderson, the CEO of Bayer AG; Sunil Bharti Mittal, the chair of Bharti Enterprises; and Mark Hoplamazian, the president and CEO of Hyatt Hotels Corporation, are joining Dangote in the exclusive club.
According to the World Bank, the increased membership complements the Bank's heightened emphasis on job creation as a key component of global development by bringing together company executives with demonstrated success in creating jobs in poor nations.
“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,” said World Bank Group President Ajay Banga.
In order to determine the most important obstacles to private sector investment in developing nations and to test workable alternatives, the Lab has gathered leaders from international financial institutions over the past 18 months, according to the global bank.
According to the statement, the effort has now been grouped into five major focus areas, such as regulatory and policy clarity, that are being integrated throughout the bank's operations.
Source: UGC
According to the statement sent to our correspondent, Aliko formed the Dangote Group, which is the biggest conglomerate in West Africa and among the biggest 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.
“The $20bn Dangote Petroleum Refinery & Petrochemicals, the Group’s flagship project, stands as the largest single private investment in Africa.
“In addition to his business interests, Dangote leads the Aliko Dangote Foundation, the largest private foundation in sub-Saharan 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,” it was stated.
Forbes names Nigerian billionaire Dangote as Africa’s richest
Legit.ng reported that Aliko Dangote, a Nigerian billionaire, has recaptured his position as the richest man in Africa and transformed the continent's energy sector about a year after his $20 billion Dangote Oil Refinery went online.
His 92.3% interest in the refinery is a major factor in Forbes' current assessment of his net worth of $23.9 billion. This solidifies his position as one of the leading corporate leaders in the world and places him ahead of South African billionaire Johann Rupert.
The refinery is raising Dangote's reputation even more outside of Nigeria by creating ripples in the global energy market.
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Source: Legit.ng
