JUST IN: Kenya’s Omollo says sovereign wealth fund and nuclear project will drive long‑term growth

Africa, Economy & Policy

NAIROBI, Kenya (NPA) — Kenya’s Principal Secretary for Internal Security and National Administration, Raymond Omollo, has said the country’s newly established Sovereign Wealth Fund is designed to preserve revenues from natural resources for future generations while supporting long-term economic stability and strategic investments.

Omollo made the remarks in a statement on Sunday as he outlined the government’s plans to maximise the economic benefits of Kenya’s mineral resources and strengthen the country’s energy infrastructure.

According to him, the Sovereign Wealth Fund will receive a portion of revenues generated from natural resources, including minerals and petroleum, to build national savings and finance strategic investments.

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“The recently established Kenya Sovereign Wealth Fund is designed to preserve a portion of revenues generated from the country’s natural resources, including minerals and petroleum, for the benefit of future generations while supporting long-term economic stability and strategic investments,” Omollo said.

He noted that Siaya County, which is endowed with mineral resources and hosts ongoing gold mining activities, stands to benefit significantly from the initiative through increased investment, economic growth and job creation.

“For the people of Siaya County, the Fund holds considerable promise. The county is endowed with mineral resources, including ongoing gold mining activities, whose future revenues could contribute to national savings while driving local economic growth and job creation,” he added.

Omollo also disclosed that plans to construct Kenya’s first nuclear power plant in Siaya County continue to advance.

According to him, the project is expected to strengthen the country’s energy security by providing a stable and reliable electricity supply to support industrial growth and economic transformation.

“At the same time, plans to develop Kenya’s first nuclear power plant in Siaya County continue to gather momentum. The project is expected to strengthen the country’s energy security, provide reliable electricity for industry and accelerate Kenya’s broader industrialisation agenda,” he said.

The Kenyan government has identified energy security, industrialisation and the sustainable management of natural resource revenues as key pillars of its long-term economic development strategy.