In a landmark demonstration of African economic cooperation, Nigerian business magnate Tony Elumelu, Group Chairman of the United Bank for Africa (UBA) and Heirs Holdings, has pledged $1 billion to support infrastructure development in Kenya.
The pledge was announced during a high-level meeting at State House, Nairobi, where President William Ruto hosted Elumelu and his delegation as part of Kenya’s ongoing push to deepen private-sector partnerships.
President Ruto, who recently unveiled a sweeping national development agenda, emphasized that Africa’s transformation depends on strong collaboration between governments and private enterprise. He noted that unlocking the continent’s full potential in human capital and natural resources requires “purposeful, strategic partnerships” driven by shared commitment.
Elumelu, reaffirming his long-standing belief in African entrepreneurship and continental integration, said the investment reflects a deep commitment to sustainable growth, innovation, and inclusive development.
“This investment is not just financial; it is a declaration of faith in Africa’s future,” Elumelu said. “Infrastructure and energy are key to unlocking the continent’s potential, and Kenya’s leadership has demonstrated readiness for bold partnerships.”
The partnership between the Kenyan Government and Heirs Holdings will prioritize transformative sectors critical to Kenya’s long-term development, including:
- Energy: Expanding access to affordable and sustainable power generation.
- Agriculture: Strengthening food security through modern practices and agribusiness investments.
- Transport: Enhancing regional trade and connectivity through improved road and rail networks.
President Ruto hailed the commitment as a powerful symbol of African solidarity and a practical step toward shared prosperity.
“Together, we are shaping a new era of opportunity—one where government and business work hand in hand to deliver prosperity for our people,” he said.
He added that the initiative represents the kind of bold, forward-looking approach needed to drive inclusive growth across the continent.
“This pledge,” President Ruto said, “is more than an act of investment. It represents a shared vision—one built on enterprise, innovation, and the promise of a prosperous African future.”
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