On a visit to New York City, President William Ruto was stopped by a Nigerian woman who expressed her admiration for his leadership in Kenya. The encounter took place as Ruto was heading to the 81st session of the United Nations General Assembly. The woman thanked Ruto for his work, stating that Africans are following his administration and are pleased with the progress being made.
The Nigerian woman, who identified herself as a Nigerian, told Ruto that his administration's efforts are being noticed across the continent. She praised his work, saying, "We Africans are watching and see your administration working." Ruto, accompanied by Prime Cabinet Secretary Musalia Mudavadi, thanked the woman for her kind words and continued with his journey.
During his time in New York, Ruto participated in the Africa We Build High-Level Roundtable on Regulation, Risk and Reward. There, he emphasized that Africa has sufficient capital to finance its development but needs reforms to ensure that the money is directed towards productive investments. He highlighted that restrictive financial rules remain a major barrier between Africa's savings and the infrastructure projects the continent needs.
Ruto pointed out that Africa has more than $2 trillion in domestic non-bank capital pools, including over $1 trillion held in pension and insurance assets. However, he questioned why African pension funds continue to invest heavily outside the continent while critical infrastructure projects at home struggle to attract long-term financing. He called for changes to Africa's financial architecture to ensure the continent's risk is assessed using its own experience.
The President emphasized that Africa's challenge is not a shortage of capital but restrictive rules that prevent available funds from being invested in productive projects across the continent. He also questioned the cost of insurance for productive assets on the continent, saying high insurance costs can make viable projects difficult to finance. Ruto called for African risk to be priced using African data, arguing that better risk assessment could reduce the cost of capital on the continent.
Ruto's call for reforms aims to unlock the capital needed for Africa's development. He stressed that the continent must reform its financial and regulatory systems to attract long-term financing for critical infrastructure projects. By reshaping the financial architecture, Ruto believes that Africa can create investable instruments that channel savings into power, transport, and industry.
The encounter with the Nigerian woman and Ruto's participation in the UNGA sessions highlight Kenya's growing influence on the global stage. As Ruto continues to engage with global leaders and investors, his administration's efforts to address Africa's development and financing needs remain a key focus. With over $4 trillion in domestic capital pools, Ruto is optimistic that Africa can finance its development if the right reforms are put in place.
Key points
- President Ruto was praised by a Nigerian woman in New York City for his administration's work in Kenya.
- Ruto emphasized that Africa has sufficient capital to finance its development but needs reforms to ensure the money is directed towards productive investments.
- The President called for changes to Africa's financial architecture to ensure the continent's risk is assessed using its own experience.
