In a landmark move set to strengthen African economic cooperation, Nigerian business magnate Tony Elumelu, Group Chairman of United Bank for Africa (UBA) and Heirs Holdings Group, has pledged $1 billion toward infrastructure development in Kenya.
The announcement came during a high-level meeting at the State House, Nairobi, where President William Ruto hosted Elumelu and his delegation.
President Ruto, who recently unveiled a sweeping national development agenda, emphasized that Africa’s transformation requires strong and purposeful partnerships between the public and private sectors. According to him, only through such collaboration can the continent unlock its full potential in human capital and resources.
Reaffirming his belief in the power of African enterprise, Elumelu underscored the vital role of the private sector in driving the continent’s progress. His $1 billion pledge, he noted, 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 shown readiness for bold partnerships.”
The partnership between the Kenyan Government and Heirs Holdings will focus on transformative sectors, including:
Energy:/expanding access to affordable and sustainable power generation;
Agriculture strengthening food security through modern practices and agribusiness;
Transport developing road and rail networks to enhance regional trade and connectivity.
President Ruto hailed the commitment as a powerful testament to shared purpose and African solidarity. “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 stated.
He added that the collaboration exemplifies the kind of bold, forward-thinking initiatives needed to drive inclusive growth and sustainable development across Africa.
“This pledge,” 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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