Kenya Ruto urges Africa to mobilise domestic capital, warns foreign funding delays infrastructure projects Ruto said Africa’s development ambitions risk remaining unfulfilled if countries continue depending on external financiers. By PRESIDENTIAL COMMUNICATION SERVICE Published 14 hours ago Share Tweet NAIROBI, Kenya Apr 24 – President William Ruto has urged African countries to mobilise domestic capital to finance infrastructure development, warning that continued reliance on foreign funding is slowing down progress and undermining the continent’s long-term development agenda. Speaking during the opening of the Africa We Build Summit in Nairobi, Ruto said Africa’s development ambitions risk remaining unfulfilled if countries continue depending on external financiers whose priorities may not align with the continent’s industrialisation goals. Click here to connect with us on WhatsApp “Our ambitions will remain unrealised if we continue to depend on external capital whose primary interest is securing raw materials for their own industries,” Ruto said. He stressed that reliance on foreign funding has contributed to delays in critical infrastructure projects across Africa, including roads, ports, airports, railways, and energy facilities. The President called for a strategic shift towards domestic resource mobilisation, including strengthening national and regional financial institutions to drive development. Ruto cited Kenya’s National Infrastructure Fund and the proposed Sovereign Wealth Fund as examples of tools aimed at raising capital locally and internationally for major infrastructure projects worth an estimated KSh5 trillion ($40 billion) over the next decade. The summit, co-hosted by Kenya and the African Finance Corporation (AFC), brought together regional leaders, financiers, and investors, including Ugandan President Yoweri Museveni, AFC CEO Samaila Zubairu, Prime Cabinet Secretary Musalia Mudavadi, and business leader Aliko Dangote. Ruto also pointed out that Africa continues to face a paradox in the energy sector, noting that despite producing about 10 million barrels of oil per day, the continent remains a net importer of refined petroleum products. He said East African nations are exploring joint infrastructure solutions, including a proposed regional oil refinery at Tanga Port in Tanzania, aimed at reducing import dependency and boosting value addition. The President further emphasised the importance of regional integration and cross-border infrastructure to enable free movement of goods and resources, calling for stronger transport, energy, and trade connectivity across African states. He added that Africa must adopt a more coordinated approach to development finance, similar to early European integration models, to accelerate industrialisation and economic resilience. In this article: Africa economic independence , Africa Finance Corporation Kenya , Africa oil refinery Tanga project , Africa We Build Summit Nairobi 2026 , African development finance reform , African infrastructure financing , domestic capital Africa infrastructure , featured , foreign funding Africa development delays , Kenya , Kenya Sovereign Wealth Fund , regional integration Africa infrastructure , Ruto infrastructure policy , Ruto KSh5 trillion fund , William Ruto Africa speech Comments Comments Popular BUDGET KRA Scraps Nil Returns, Introduces ‘PIN with No Obligation’ to Ease Compliance Burden Kenya Motorists Association Opposes Plan to Inspect Older Private Vehicles Kenya Ruto Pushes Back on Development Criticism in Northern Kenya Haiti Mission Chaos in Haiti as civilians attempt to block departure of Kenyan police officers Kenya KIM Campuses Shut Countrywide After TVET Crackdown on Unapproved Programs NATIONAL NEWS KDF graduates new infantry specialists to boost readiness Kenya Transport Sector Demands Fuel Price Cap of Sh140 Diesel, Sh150 Petrol, Threatens Protests Kenya Ruto Explains Why Fuel Costs More in Kenya DIPLOMACY Ruto heads to