Nairobi — 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.
"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.
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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.
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