Nigeria’s billionaire industrialist and President/CEO of the Dangote Group, Aliko Dangote, has been named a member of the World Bank’s Private Sector Investment Lab.
Dangote’s selection places it among an exclusive group of international business executives tasked with promoting investment and employment growth in developing nations.
The World Bank announced the decision on Wednesday, April 23, 2025, explaining that the appointment is part of a broader expansion of the investment lab, which is entering a new phase focused on scaling up solutions to attract private capital and create jobs across developing countries.
Other members of the elite group include Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, chair of Bharti Enterprises; and Mark Hoplamazian, president and CEO of Hyatt Hotels Corporation.
Dangote, who confirmed his acceptance in a statement on Thursday, reiterated his commitment to fostering sustainable economic growth through private sector-led investment, noting the transformative potential of such initiatives in developing 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,” 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.”
World Bank discloses reason for expanded membership
According to the global bank, the expanded membership brings together business leaders with proven track records in generating employment in 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 the expanded membership was aimed at streamlining the initiative across its operations and aligning it directly with the jobs agenda that is driving its 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,” Banga said.
The body said that over the last 18 months, it convened leaders from global financial institutions to identify the most pressing barriers to private sector investment in developing countries and to test actionable solutions.
The statement noted that the work had now been consolidated into five priority focus areas being integrated across bank operations, including regulatory and policy certainty.
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 initial members of the lab. The Lab is chaired by Prudential plc’s Shriti Vadera.
