President Bola Tinubu has hailed the recent appointment of Africa’s richest man, Alhaji Aliko Dangote, to the World Bank’s Private Sector Investment Lab, describing the honor as both timely and well-deserved. The President’s commendation came via a statement released on Wednesday by his Special Adviser on Information and Strategy, Bayo Onanuga.
The Private Sector Investment Lab is a strategic global initiative launched by the World Bank to scale private capital investment and generate employment opportunities across developing economies. Dangote’s inclusion in the elite group underscores his reputation as a transformational leader in African industrialization.
According to President Tinubu, Dangote’s entrepreneurial success and unwavering commitment to innovation and local investment have earned him a place among world business leaders tasked with crafting impactful development strategies. “His appointment is apt, considering his impressive private sector experience and the thousands of jobs his enterprises have created,” Tinubu noted.
The President referenced the Dangote Group’s diverse business portfolio—spanning cement, sugar, salt, fertiliser, and oil and gas—while singling out the $20 billion Dangote Refinery as a landmark private-sector investment in Africa. Located in Lekki, Lagos, the refinery is regarded as the continent’s most ambitious industrial project, designed to significantly reduce Nigeria’s dependence on imported fuel and petrochemicals.
“This project alone is a testament to Dangote’s courage to drive large-scale development. It showcases the transformative potential of private capital in emerging markets,” Tinubu stated.
The President also encouraged Dangote to leverage his new World Bank role to guide global policies that support private-sector-led development in regions like Africa. “Your ideas and initiatives will go a long way in helping other developing countries attract investment and implement large-scale projects,” he added.
Dangote now joins other global business titans such as Bill Anderson, CEO of Bayer AG; Sunil Bharti Mittal, Chairman of Bharti Enterprises; and Mark Hoplamazian, President and CEO of Hyatt Hotels Corporation, on the Lab’s advisory board.
According to the World Bank, this expanded leadership aims to mobilize private-sector solutions for addressing unemployment, poor infrastructure, and sluggish economic growth in low- and middle-income countries. The Lab’s focus aligns with the Bank’s new commitment to position job creation and inclusive development at the heart of its global strategy.
As Africa’s foremost industrialist, Dangote’s appointment is not just a personal triumph—it is a symbol of recognition for Africa’s growing influence in shaping the global economic agenda. President Tinubu’s endorsement further cements this milestone as a national and continental achievement.