Kenya’s Economic Progress After 60 Years Of Self-Rule, Investor Nazir Jinnah

Leading hospitality industry investor and Director Conrad Law Advocates LLP Nazir Jinnah is optimistic that Kenya has the capacity to deal with her current challenges with goodwill and more so from the political class.

Despite the current economic challenges, Jinnah, in an interview, said the country has shown strong signs of a comeback.

Similar sentiments have been made by President William Ruto, who on Tuesday led the country in marking the 60th Jamhuri Day celebrations.

For Kenya to overcome the current challenges, which include the massive unemployment rate among the country’s youthful population, integrity must be at the core of governance.

“Kenya has had its fair share of difficulties, but it's bouncing back. The economy is doing really well, catching the eye of the world. Still, the problems from the past, especially corruption, are like a shadow that won't go away. It's a tricky situation that needs careful handling,” he said.

In a shocking revelation, former President Uhuru Kenyatta gave an estimate of Sh2 billion as public money lost to graft daily.

He said corruption impedes service delivery and quality standards in both the public and private sectors.

Lack of transparency and accountability, personal interest, lack of public participation and inefficient procurement processes manifest as major breeding grounds for corruption, Jinnah said.

“They (Government) not only need to keep the economy growing but also tackle the old problems. Fighting corruption, making institutions stronger, and being open about what they're doing – these things are super important for Kenya to keep moving up,” he said.

He added “Kenya has done some smart things to get its economy on track. It has invested in technology, built better roads and farms, and now there's a bunch of new businesses popping up. Even with all this progress, there's still this corruption issue that needs fixing.”

Jinnah pointed out that in Kenya's economic resurgence, global brands like Kempinski, Hilton, Marriotts, and Radisson are setting up shop, marking a vote of confidence in the nation's potential.

Simultaneously, familiar food giants such as KFC, Pizza Hut, Domino's, Subway, and Burger King are making their mark, bringing a taste of international flavors.

“These investments not only boost the hospitality and food sectors but also present a golden opportunity for Kenyan youth to step into burgeoning industries, offering a platform for career growth and entrepreneurial ventures,” he said.

“As Kenya evolves, the youth are encouraged to seize these openings, contributing to the country's development and embracing a world of possibilities.”

The current leaders, Jinnah, said they must learn from the past but not get stuck in it.

“The goal is to move forward, leaving behind the problems that held Kenya back,” he said.

“As Kenya grows, it's important to make friends around the world. Teaming up with other countries to fight corruption, taking care of the environment, and being part of global talks – these things make Kenya stronger and more respected.”

On Tuesday, President Ruto assured citizens that Kenya is safely out of the danger of debt distress, painting a positive picture of the country's economic standing.

The Head of State noted that all the economic indicators point to good news, with the inflation rate being 6.8%, down from a high of 9.2% last year.

"In the last 6 months, our GDP has grown at 5.4%, making Kenya the 29th fastest growing economy in the world, according to the World Bank," he said.

Ruto outlined the government's commitment to accelerating economic progress in a futuristic move aimed at focusing on human capital.

"Our human capital, our innovative, smart-working, professional labor force is probably the single most potent arsenal we have to drive our economic progress. Our expenditure on training, learning, and education in general is a most appropriate investment in the development of the human capital necessary for our economic progress," Ruto asserted.

The Head of State went on to detail the efforts of the government in improving the education sector, which has involved increased allocation to the education sector.

"Out of this, Ksh.46 billion will support the new university funding model, an additional Ksh. 9 billion to cover our TVET funding model and the hiring of an extra 2,000 tutors, an additional Ksh. 47 billion to enable TSC to hire 56,000 teachers and other interventions, and Ksh. 24 billion for basic education," he explained.