The recent visit of Africa’s richest man, Aliko Dangote to Jeddah, west of Saudi Arabia will result in a partnership between Islamic Development Bank (IDB) and Dangote Group aimed at boosting job creation in Africa.
Dangote who is valued at $25 billion is the 23rd richest person in the world stated that he would invest $1.2 billion in Dangote Foundation with focus on various sectors such as health, education and job creation.
The Foundation is responsible for the Corporate Social Responsibility (CSR) arm of Dangote Group and has contributed over $100 million in the past four years to several charity causes in Nigeria and Africa.
According to the billionaire industrialist, the reason for his visit was to re-establish his connection with IDB where he once took a loan he had long repaid while commending the effort of the lender and stating the need to work together in the development of Africa.
“I am really amazed by the amount of work IDB is doing. I believe we need to work together to create jobs. China developed because the Chinese invested in the country. America is successful because the system is tied to job creation, so we must invest in Africa in order to create jobs,” Dangote said in a town hall meeting with IDB staff.
This is in line with the purpose of IDB’s objective which is to foster economic development and social progress of member countries.
He urged the financial institution to attract more entrepreneurs from member countries by improving its publicity strategy, envisioning that Africa will be a $19 trillion economy by 2050 if the issue of power supply is resolved and development increases.
According to President of IDB, Dr Ahmad Mohamed Ali, efforts would be made to come up with innovative projects, suggesting areas where both parties can work hand-in-hand to enhance the lives of Africans.