Overview:
President Yoweri Museveni warns African leaders at the Nairobi summit to prioritize infrastructure over recurrent spending while Aliko Dangote backs Uganda's mineral export ban.
NAIROBI, Kenya – President Yoweri Museveni cautioned African nations Thursday against directing borrowed funds toward recurrent expenditures, urging governments instead to prioritize infrastructure projects that drive industrialization.
Speaking at the Africa We Build Summit, Museveni said loans should be reserved for productive sectors such as electricity generation, railways and fuel pipelines. He argued that these investments form the bone marrow of an economy and are essential for long-term growth.
The two-day summit, hosted by the Africa Finance Corporation and the Kenyan government, focused on practical ways to unlock the continent’s economic potential through large-scale projects.
Kenyan President William Ruto delivered the keynote address, noting that African manufacturing has remained stagnant at 10 percent of global trade. Ruto called for a stronger political resolve to bridge infrastructure gaps and pledged that Kenya would lead by example in enhancing equity for regional projects.
Ruto also specifically commended Museveni’s commitment to regional energy infrastructure, citing his investment in pipeline projects as a vital step for East African connectivity.
Nigerian industrialist Aliko Dangote joined the leaders in supporting a shift toward economic independence.
Dangote applauded Museveni’s recent ban on the export of unprocessed minerals, calling it a bold policy move. He further committed to supporting the development of a refinery in East Africa similar to his industrial complexes in Nigeria.
The leaders collectively emphasized the importance of the African Continental Free Trade Area. Museveni concluded that the transformation of the continent requires moving priority projects from conception to implementation through coordinated planning and the elimination of structural bottlenecks.