Nairobi – Standing before a hall of Africa’s most powerful financiers, President William Ruto issued a blunt message if Africa is to prosper, its banks must take the lead.
“We must believe in ourselves and believe in our continent,” Ruto said on Friday, addressing a high-level consultative meeting at State House in Nairobi. “This is no longer about goodwill. It’s about action.”
In his role as chair of the African Union’s Committee on Climate Change, Ruto convened the gathering to push forward the Africa Green Industrialisation Initiative (AGII). The initiative, born at the inaugural Africa Climate Summit in Nairobi last September and formally launched at COP28 in Dubai, now carries the full endorsement of the African Union.
But the gap between endorsement and execution remains wide.
“Africa has never been short on plans,” Ruto said. “What we lack are results.”
A call for financial independence
The President’s remarks came against a backdrop of shifting global power dynamics and rising economic uncertainty. With international investment flows increasingly fickle, Ruto argued it’s time for Africa to look inward.
“In this fractured world order, Africa must rethink its strategies,” he said. “We need to strengthen our own institutions to fill the investment shortfall.”
The event drew some of the continent’s financial heavyweights, including CEOs and top executives from Equity Bank, Kenya Commercial Bank, Ecobank, Standard Bank, Africa50, and the African Finance Corporation. Government officials such as Prime Cabinet Secretary Musalia Mudavadi and Energy Minister Opiyo Wandayi were also in attendance.
Their task was clear: figure out how to finance Africa’s shift to a green, industrialised economy without waiting on foreign aid.
“A question of scale and urgency”
Ruto cited China as an example of what is possible with decisive investment. While Africa’s population is comparable to China’s, its installed renewable energy capacity remains a fraction just 67 gigawatts, compared to China’s 1,400GW.
“That disparity tells a story,” he said. “It’s about choices, and about commitment.”
He urged Africa’s commercial and development banks to stop portraying the continent as a risky investment bet on global stages, saying such narratives only reinforce old stereotypes.
Instead, he challenged them to identify viable green projects and make them attractive to investors.
“You already have a footprint in this space,” Ruto said. “Now it’s time to lead.”
Support from financial leaders
Many of the banking chiefs in attendance echoed Ruto’s sense of urgency.
“We recognise the need to move beyond rhetoric,” said James Mwangi, Group CEO of Equity Bank. “Our institutions are ready and aligned with the green agenda.”
Standard Bank’s CEO Joshua Oigara noted that Africa’s youth and natural resources present unmatched potential if the right investment flows follow.
“The opportunities are there,” he said. “What we need is the resolve to act.”
A wider African effort
The AGII is not just about climate change it’s also about jobs, trade and long-term economic resilience. Officials stressed the importance of policy reforms, regional integration and public-private partnerships to push the agenda forward.
As Africa prepares to host follow-up meetings later this year, the question now is whether the continent’s banks will heed the President’s call and whether they can mobilise the kind of capital needed to spark real change.
“We’re not waiting for handouts,” Ruto said. “This is our moment to act. Let’s not waste it.”
