Africa’s Richest Man Aliko Dangote Has Agreed to Work With The World Bank
Africa’s richest fellow, Aliko Dangote, has accepted a recent invitation to join the Private Sector Investment Lab, established by the World Bank.
The President/CEO of Dangote Group, among other industry executives, had on Wednesday, been invited to join the World Bank’s Private Sector Investment Lab.
In response, the Nigerian billionaire accepted the invitation, noting that being icnluded in the group was an honor.
“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 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,” he added.
Under the broader expansion of its Private Sector Investment Lab, which is currently starting a new phase, the World Bank, on Wednesday, announced Dangote’s appointment.
This new phase is aimed at scaling up ideas to attract private capital and generate employment in the developing world, as reported by the Punch.
The global lender also noted that the aforementioned new phase has expanded the Lab’s membership to include industry executives with experience creating jobs in developing markets, which is consistent with the Bank’s growing role in job creation as a major driver of growth.
During the announcement, they mentioned that they had invited the Nigerian billionaire, alongside Bill Anderson, CEO of Bayer AG, Sunil Bharti Mittal, Chair of Bharti Enterprises, and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation, to the recent iteration of the Lab.
“These industries have a proven ability to translate investment into broad-based employment and economic opportunity”, the World Bank head Ajay Banga stated.
“We are grateful to the original Lab leaders who helped us deliver strong results in the initial work period,” he added.
Currently, according to the Dangote website, Dangote cement alone has been able to support 54,000 employment in four African nations where the business operates, including Nigeria, Ethiopia, Senegal, and South Africa.
His recently established single train 650,000 barrels refinery also employs 29,000 Nigerians and 11,000 foreigners.
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 were among the notable CEOs who launched the Lab.
Shriti Vadera, the chair of Prudential plc, is in charge of the lab.
