President William Ruto has called on African countries to mobilise domestic resources and strengthen regional financial institutions to drive the continent’s development agenda.

Speaking at the closing ceremony of the Africa Forward Summit in Nairobi on May 12, 2026, Ruto said Africa must reduce overreliance on external funding and invest more confidence in its own economies and institutions.

The president urged African nations to restructure and strengthen Development Finance Institutions (DFIs), noting that the continent has significant untapped resources held in pension funds, insurance firms, and reinsurance institutions.

“The first thing we need to do – and we have agreed with the African Development Bank, AfriExim, Trade Development Bank, and Africa Finance Corporation – is to structure our own DFIs before we go looking for money from other people,” Ruto said. “We will not allow ourselves to be exploited again.”

African investment and domestic financing

Ruto questioned why foreign investors would have confidence in Africa if local private sector players were unwilling to invest within the continent.

“The question people ask, ‘if our own private sector does not have the confidence to invest in our continent, why would the private sector from elsewhere have the confidence?’” he stated.

He also referenced sentiments shared during the summit by President Paul Kagame, emphasising that Africa must take responsibility for financing and implementing its own development priorities.

“Nobody owes us development. We owe it to ourselves,” Ruto said, quoting Kagame.

The President said African governments and businesses should focus on mobilising domestic savings and capital to support infrastructure, industrialisation, manufacturing, healthcare, and trade expansion across the continent.

Push for value addition and institutional reforms

Ruto linked the call for resource mobilisation to broader efforts aimed at reducing dependence on imports and increasing value addition within Africa. He pointed to sectors such as oil refining, manufacturing, agriculture, and mineral processing as areas where African economies continue to lose value despite abundant resources.

He noted that Africa produces millions of barrels of oil daily while still spending heavily on imported refined petroleum products. According to the president, local processing and industrial investments could significantly increase economic returns and create employment opportunities.

The Head of State also reiterated calls for reforms in global governance structures, including the United Nations Security Council, arguing that Africa deserves equal representation in international decision-making.

Regional cooperation and development agenda

The Africa Forward Summit brought together African leaders, financial institutions, policymakers, and private sector players to discuss investment, development financing, peace, and economic transformation.

Ruto said cooperation among African governments, financial institutions, and the private sector would be essential in unlocking sustainable growth and reducing dependency on external support.

He maintained that stronger institutions, increased domestic investment, and coordinated regional strategies remain critical to accelerating Africa’s economic transformation and achieving long-term development goals across the continent.