Mudavadi woos Nigerian Tycoon Elumelu for Energy and Banking Deals in Kenya
ABUJA – Prime Cabinet Secretary Musalia Mudavadi has pitched Kenya as a key investment destination to Nigerian billionaire Tony Elumelu, signaling Nairobi’s push to attract more capital into its growing economy.
The meeting took place in Abuja during the African Export-Import Bank (Afrexim Bank) Annual Meetings. Mudavadi met Elumelu alongside Kenya’s Cabinet Secretary for Foreign and Diaspora Affairs to discuss opportunities in energy, finance, and infrastructure.
Elumelu, who chairs the United Bank for Africa (UBA) and Transcorp, expressed keen interest in expanding his business operations into Kenya. According to Mudavadi, Elumelu singled out the energy, banking, and hospitality sectors as top priorities for future investments.
“I encouraged Mr. Elumelu to look into key projects such as the Nairobi Railway City, ICT infrastructure, and the Affordable Housing Programme,” Mudavadi said in a statement released after the meeting.
Elumelu reportedly responded positively, indicating a readiness to explore Kenya’s investment landscape more deeply.
Mudavadi emphasized Nairobi’s fast-growing economy and its position as a preferred investment destination on the continent. He also pointed to the city’s role as host to major UN agencies and highlighted plans to position Jomo Kenyatta International Airport as a major logistics hub in the region.
“With Nairobi’s rising global profile, forward-looking investors would be wise to direct resources into Kenya and help shape the region’s next economic chapter,” Mudavadi stated.
The meeting comes as Kenya continues to court foreign investment to fund infrastructure, housing, and renewable energy projects under President William Ruto’s economic plan. Mudavadi is representing President Ruto at the summit, where African leaders are discussing strategies to strengthen financial systems across the continent.
Kenya has long positioned itself as a financial and logistics gateway to East and Central Africa. With Elumelu signaling interest, Nairobi could soon welcome a fresh wave of Nigerian capital especially from one of West Africa’s most prominent investors.
