By Newsshelve Correspondent.
The World Bank has appointed Aliko Dangote, President and Chief Executive of the Dangote Group, to its Private Sector Investment Lab, a select group of global business leaders tasked with driving investment and job creation in emerging economies.
Dangote joins a group of renowned business leaders, including Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chair of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation.
Dangote expressed his excitement and honor at being appointed to the Private Sector Investment Lab, stating that it aligns with his long-standing commitment to sustainable development and unlocking the potential of developing economies.
He emphasized the transformative potential of private sector-led investment in emerging markets, drawing inspiration from the successes of the Asian Tigers.
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, fertilizer, 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.
The Group’s flagship project, the $20 billion Dangote Petroleum Refinery & Petrochemicals, is the largest single private investment in Africa.
In addition to his business interests, Dangote leads the Aliko Dangote Foundation (ADF), 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.
The World Bank’s Private Sector Investment Lab was established to identify and address the most pressing barriers to private sector investment in developing countries.
The Lab brings together leaders from global financial institutions to test actionable solutions and drive investment and job creation in emerging economies.
The Lab’s work has been consolidated into five priority focus areas, including regulatory and policy certainty.
World Bank Group President Ajay Banga emphasized the importance of job creation as a central pillar of global development.
He stated that the Private Sector Investment Lab’s work is being mainstreamed across the Bank’s operations, tying it directly to the jobs agenda that is driving the Bank’s strategy.
The appointment of Aliko Dangote to the World Bank’s Private Sector Investment Lab is a significant recognition of his commitment to sustainable development and job creation.
With his extensive experience and expertise, Dangote is well-positioned to contribute to the Lab’s work and drive investment and job creation in emerging economies.
The Private Sector Investment Lab’s work is crucial in addressing the pressing barriers to private sector investment in developing countries, and Dangote’s appointment is expected to bring valuable insights and perspectives to the Lab’s efforts.
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