Mudavadi woos Nigeria’s Elumelu to expand investments in Kenya

United Bank for Africa (UBA) and Transcorp Chairman Tony Elumelu has expressed his commitment to expanding his business presence in Kenya following a meeting with Prime Cabinet Secretary Musalia Mudavadi and the Cabinet Secretary for Foreign and Diaspora Affairs.

The discussions took place during the African Export-Import Bank (Afrexim Bank) Annual Meetings in Abuja, Nigeria.

In a statement, Mudavadi noted that he encouraged Elumelu to explore significant projects in Kenya, including the Nairobi Railway City initiative, Information and Communications Technology (ICT), energy, and the Affordable Housing Programme.

“In response, Mr. Elumelu expressed a strong interest in expanding his investment portfolio in Kenya, with a particular focus on the energy, banking, and hospitality sectors,” Mudavadi disclosed.

According to the Prime Cabinet Secretary, Nairobi is experiencing rapid growth, positioning itself as a premier economic and investment destination on the African continent.

He highlighted the importance of the United Nations’ continued presence in Nairobi, alongside strategic plans to establish Jomo Kenyatta International Airport (JKIA) as a key regional logistics hub. These developments, he states, further enhance Nairobi’s appeal as a competitive business environment.

“It is prudent for forward-looking investors to consider channeling their resources into Kenya’s capital and beyond, as the city steadily advances towards becoming a global hub,” he stated.

Mudavadi is in Nigeria to represent President William Ruto at the African Export-Import Bank – Afrexim Bank Annual Meetings, where African leaders are convening to address and define the challenges of building a stronger, more unified African financial architecture for the future.