• Investment to support energy, transport, and food security projects via PPPs
• Kenya eyes private capital to reduce debt, accelerate stalled developments
  

Nigerian business leader Tony Elumelu, Chairman of the United Bank for Africa (UBA) Group and Heirs Holdings Group, has committed to investing 1 billion dollars in Kenya to support infrastructure development. Kenyan President William Ruto announced the pledge on his X account on Wednesday, November 12, 2025, after meeting with the entrepreneur.

The transformation of our continent demands a strong and purposeful partnership between Africa’s public and private sectors. Only through such collaboration can we unlock the full potential of our people and resources.

At State House Nairobi, I received the Group Chairman of… pic.twitter.com/lQNOzzdG2j

— William Samoei Ruto, PhD (@WilliamsRuto) November 12, 2025

Ruto said the partnership will advance Kenya’s development goals, which include expanding electricity generation, improving food security and strengthening road and rail networks.

“This pledge is more than an act of financial investment; it is a testament to a shared vision for Africa’s future built on enterprise, innovation, and shared prosperity,” the president said. He added that the continent’s progress depends on strong cooperation between public and private actors, noting that “Only through such collaboration can we unlock the full potential of our people and resources.”

Kenya’s Push for Private Partnerships

The announcement comes as Nairobi increases its focus on Public-Private Partnerships (PPPs) to modernize transport systems and reinforce food security. The government says these partnerships are intended to speed up the delivery of infrastructure projects through innovation while keeping public debt under control.

In April, Kenya said it had opened talks with China on key transport infrastructure works that have remained unfinished for years because of funding constraints. In October, the government also unveiled plans to create a sovereign wealth fund and an infrastructure fund to support economic development and finance major national projects.

Elumelu, through the foundation he launched in 2015, has provided funding, mentorship, and training to more than 25,000 African entrepreneurs. He promotes an economic philosophy he calls “Africapitalism,” which is built on the belief that the African private sector can and should drive the continent’s development.

Lydie Mobio