President Ruto Calls for African Nations to Mobilize Domestic Funds for Infrastructure Development
Nairobi, Kenya — In a bold address at the Africa We Build Summit in Nairobi, Kenyan President William Ruto urged African countries to prioritize domestic capital mobilization to fund infrastructure projects. Speaking to a gathering of regional leaders, investors, and financiers, Ruto warned that over-reliance on foreign funding is hampering the continent’s progress and jeopardizing its long-term development goals.
“The aspirations of Africa will remain unfulfilled if we continue to depend on external financiers whose priorities often diverge from our industrial ambitions,” Ruto declared. He emphasized that foreign investors often prioritize securing raw materials for their own industries rather than supporting Africa’s infrastructure development.
The President highlighted how dependency on external funding has led to prolonged delays in critical projects, including roads, ports, airports, railways, and energy facilities. These delays, he argued, are stunting economic growth and weakening Africa’s ability to compete globally.
A Call for Strategic Financial Independence
Ruto stressed the need for African nations to shift towards domestic resource mobilization. He called for strengthening national and regional financial institutions to drive development independently. As an example, he pointed to Kenya’s National Infrastructure Fund and the proposed Sovereign Wealth Fund, which aim to pool local and international capital for major infrastructure projects worth an estimated $40 billion over the next decade.
The Africa We Build Summit, co-hosted by Kenya and the African Finance Corporation (AFC), brought together prominent figures such as Ugandan President Yoweri Museveni, AFC CEO Samaila Zubairu, Prime Cabinet Secretary Musalia Mudavadi, and Nigerian business mogul Aliko Dangote. The event served as a platform to discuss innovative solutions to Africa’s infrastructure challenges.
Energy Sector Paradox: A Focus on Self-Sufficiency
Ruto also highlighted a troubling paradox in Africa’s energy sector. Despite producing around 10 million barrels of oil daily, the continent remains a net importer of refined petroleum products. This reliance on imports drains resources and undermines Africa’s potential for economic self-sufficiency.
To address this issue, East African nations are exploring joint infrastructure solutions, including a proposed regional oil refinery at Tanzania’s Tanga Port. This initiative aims to reduce dependency on imported fuel and enhance local value addition, creating a more resilient energy landscape.
Regional Integration: A Path to Economic Resilience
The President underscored the importance of regional integration and cross-border infrastructure to facilitate the free movement of goods and resources. He called for stronger transport, energy, and trade connectivity across African states to foster economic collaboration and growth.
Ruto drew parallels to early European integration models, urging Africa to adopt a more coordinated approach to development finance. “By pooling our resources and aligning our strategies, we can accelerate industrialisation and build a more resilient economy,” he said.
Looking Ahead: A Self-Reliant Africa
President Ruto’s speech resonated as a rallying cry for African nations to take control of their development narrative. By mobilizing domestic resources, strengthening regional cooperation, and reducing dependency on foreign funding, Africa can unlock its vast potential and achieve sustainable growth.
The Africa We Build Summit marks a pivotal moment in the continent’s journey toward self-reliance. As leaders and stakeholders unite to chart a new course, the focus on domestic financing and regional collaboration offers a promising blueprint for Africa’s future.
— Reported by Nexio News
