President William Ruto has announced a major investment pledge from Nigerian billionaire Tony Elumelu, following a meeting at State House, Nairobi.
In a statement on Wednesday, November 12, Ruto revealed that Elumelu, who is the Group Chairman of United Bank for Africa (UBA) and Heirs Holdings Group, had committed to investing $1 billion (Ksh129 billion) towards Kenya’s infrastructure development.
"At State House, Nairobi, I received the Group Chairman of United Bank for Africa and Heirs Holdings Group, Mr Tony Elumelu, and his delegation.
"Mr. Elumelu’s enduring belief that Africa’s private sector must play a central role in driving the continent’s development is exemplified through his commitment of $1 billion towards infrastructure development in Kenya," he said.
Ruto noted that the investment aligns with the government’s vision of strengthening key sectors through partnerships.
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"This pledge is more than an act of financial investment; it is a testament to a shared vision for Africa’s future built on enterprise, innovation, and shared prosperity.
"This partnership directly supports our transformation agenda, focusing on enhanced power generation, strengthened food security, and the expansion of our road and rail networks," he added.
This comes a week after data released by the UK Department for Business and Trade showed that trade between Kenya and the United Kingdom (UK) has reached a historic milestone after surpassing the Ksh340 billion mark for the first time.
According to the report released on Friday, October 31, the total trade in goods and services between the two countries in the year ending September 2025 increased by 11.9 percent compared to the same period in 2024.
The growth was fueled by an 8 percent rise in UK exports to Kenya and a 14 percent surge in Kenyan exports to the UK.
During the review period, Kenya exported goods worth Ksh63 billion and services valued at Ksh71.5 billion to the UK.
Among the top-performing exports were animal and vegetable products, which rose by 15.6 percent to Ksh28.7 billion, and beverages, mainly coffee and tea, which climbed 12.8 percent to Ksh24.3 billion.
On the other hand, the UK exported goods and services worth Ksh134.6 billion to Kenya, up from Ksh124 billion in the previous year.
Mechanical power generators recorded the highest growth at 18.3 percent, followed by refined oil and cars at 12 percent and 10 percent, respectively.
Chargé d'Affaires at the British High Commission in Nairobi, Dr. Ed Barnett, said there is a target to double the current trade volume by 2030.
"The UK and Kenya are turbocharging trade. Our renewed Strategic Partnership is already delivering progress in a matter of months. To turn ambitions into reality, we're working together to break down trade barriers. We go far when we go together," he said.
