Prime Cabinet Secretary Musalia Mudavadi has urged Nigerian billionaire Tony Elumelu to expand his investments into Kenya, signaling a strategic push to attract more African capital into key sectors of the country’s economy.
The appeal was made during a high-level meeting between Mudavadi, Elumelu, and Kenya’s Cabinet Secretary for Foreign and Diaspora Affairs on the sidelines of the African Export-Import Bank (Afrexim Bank) Annual Meetings held in Abuja, Nigeria.
Elumelu, who chairs the United Bank for Africa (UBA) and Transcorp Group, expressed strong interest in Kenya’s energy, banking, and hospitality sectors, according to a statement issued by Mudavadi.
“I encouraged Mr. Elumelu to explore high-impact projects in Kenya, including the Nairobi Railway City initiative, ICT development, energy, and the Affordable Housing Programme,” said Mudavadi. “In response, he expressed a strong interest in expanding his investment portfolio in Kenya.”
The Prime Cabinet Secretary emphasized that Nairobi is rapidly emerging as a key economic and investment hub in Africa. He cited the city’s growing infrastructure, the strategic expansion of Jomo Kenyatta International Airport (JKIA) into a regional logistics hub, and the continued presence of major international organizations such as the United Nations.
“These developments position Nairobi as a competitive and attractive business destination. It is prudent for forward-looking investors to consider channeling their resources into Kenya’s capital and beyond,” Mudavadi said.
The meeting underscores Kenya’s broader effort to tap into intra-African investments as a means to accelerate development. Elumelu’s interest could potentially see UBA deepen its footprint in Kenya’s banking sector while also bringing Transcorp’s diversified business model into areas such as energy generation and tourism.
Mudavadi is in Nigeria representing President William Ruto at the Afrexim Bank meetings, where African leaders are engaging in high-level discussions to redefine and strengthen the continent’s financial architecture for sustainable growth. The engagement with Elumelu is seen as part of Kenya’s strategic diplomacy to attract private capital that aligns with its economic transformation agenda.
