President William Ruto is received at AIC Kasina in Mwingi on October 25, 2026/PCS

President William Ruto has urged leaders to keep politics out of foreign investments, saying Kenya’s economic growth depends on its ability to attract investors.

Speaking during a church service at AIC Kasina in Mwingi, Ruto defended the government’s efforts to attract foreign capital, citing the proposed Sh2.2 trillion Dangote oil refinery in Lamu as one of the major investments expected to boost the economy.

“We must keep petty politics out of investors and investment opportunities as a nation,” Ruto said.

He said the government was engaging other potential investors as it seeks to increase foreign direct investment (FDI) from $3.2 billion recorded this year to $5 billion by next year.

“In 2022, the Foreign Direct Investment was $1.5 billion. This year, it is now at $3.2 billion. By next year, it will go to $5 billion,” he said.

Ruto added that the government was targeting annual FDI inflows of between $8 billion and $10 billion over the next four years, arguing that increased investment would expand wealth creation and employment opportunities.

“In the next four years, we want to grow FDI to between $8 billion and $10 billion every year. That is how we are going to grow wealth in our nation and create opportunities for our people,” he said.

The President also defended Nigerian billionaire Aliko Dangote’s acquisition of a 24.76 per cent stake in the Kenya Pipeline Company (KPC), accusing critics of contradicting their earlier position on the sale of the state-owned company’s shares.

Dangote acquired approximately 4.5 billion shares for about Sh42.5 billion, equivalent to $327 million, making his group the second-largest shareholder in KPC after the Kenyan government.

The government retains a 35 per cent stake, while the Uganda National Oil Corporation holds approximately 20.15 per cent.

Ruto said some critics had previously complained that the shares were overpriced and opposed their sale, but were now questioning the transaction following Dangote’s entry.

“I hear some making noise about Dangote because he has bought shares in Kenya Pipeline Company. The same people, when the shares were being sold, said the shares were overpriced. They said the government forced parastatals to buy the shares,” he said.

“Now Dangote came and bought the shares, and now they are again complaining. What is it that they want?”

The President accused those opposing the transaction of seeking to profit from the shares through short-term trading, saying the government wanted to ensure Kenyans received the best possible value from the sale.

“Those making noise are shylocks, brokers, if you did not know. They have been used to con Kenyans. I am telling them we will not allow them to do that,” he said.

Ruto further argued that Dangote’s investment demonstrated the potential for long-term value growth at the pipeline company.

“Dangote bought the shares and in one week the value has gone up by 10 per cent,” he said, adding that the value of KPC shares could double or triple over the next four or five years.

“We do not want people who want to buy today and sell them tomorrow. Dangote is a long-term investor,” he said.