Aliko Dangote, the wealthiest Black man in the world, is making a financial commitment to Nigeria’s education system through a philanthropic initiative.

The Aliko Dangote Foundation announced it will invest 1 trillion naira, approximately $688 million USD, over the next 10 years to support education initiatives across the country, according to Business Insider Africa. The pledge is one of the largest private investments in Nigeria’s education sector and aims to expand access to schooling while strengthening academic outcomes nationwide.

The program is set to begin in 2026 with support for 45,000 students, eventually reaching around 1.33 million over a decade, notes the outlet. The foundation said the initiative will focus on students studying science, technology, engineering, and mathematics, as well as girls’ education and teacher training.

Dangote, who serves as chairman of the foundation, said the initiative is intended to address financial barriers that prevent many Nigerian students from completing their education. UNICEF estimates that one in every five out-of-school children globally live in Nigeria. Business Insider Africa also reported that more than half of Nigeria’s estimated 230 million population experience poverty.

“We cannot allow financial hardship to silence the dreams of our young people,” Dangote said in a statement to Business Insider Africa.

He added, “This is not only charity. This is a strategic investment in Nigeria’s future. Every child we keep in school strengthens our economy. Every student we support reduces inequality.”

Established in 1994, the Aliko Dangote Foundation was endowed with $1.25 billion and focuses on development initiatives across Africa, investing an average of $35 million annually in its programs, Business Insider Africa reports.

The foundation’s work and Dangote’s personal commitment to philanthropy were recognized in 2025 when Dangote was named to TIME magazine’s Top 100 Philanthropists list.

“Health, education, economic empowerment, disaster relief, and food — these are the five main things that any African nation needs,” Dangote told the outlet.

TIME also reported that Dangote pledged $10 million to the Aliko Dangote University of Science and Technology in Kano State, Nigeria.

Dangote’s foundation is expanding local initiatives, including vocational training, school facilities, and annual fellowships through the World Economic Forum’s Young Global Leaders program, notes the outlet.

“We need to create the next generation of African leaders,” Dangote said, per TIME.