Kisumu City
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Kisumu County hosted the Nyanza International Investment Conference from February 6 to 8, 2025, highlighting the critical role of the Kenyan diaspora in the country’s economic transformation.
With the theme "Nyanza Rising: Towards Economic Transformation for Socio-Economic Growth and Development," the conference served as a platform to discuss how the diaspora can further participate in national development, particularly in line with the Kenya Kwanza administration’s initiatives to enhance economic growth through remittances and bilateral labour export agreements.
A keynote address by Mr. Boniface Munzala, Director of the Savings, Investments, and Remittances Division, highlighted these themes. Representing Diaspora Affairs Principal Secretary Ms. Roseline K. Njogu, Mr. Munzala emphasized the vital contributions of the Kenyan diaspora, especially in the areas of remittances, skills transfer, and technology, which are pivotal to national development.
In 2024, remittances from the diaspora reached a record $4.94 billion, marking an increase from $4.19 billion in 2023. This figure now constitutes approximately 3.6% of Kenya’s GDP, establishing remittances as a primary source of foreign exchange for the country and highlighting the significant economic impact of Kenyans living abroad. In recognition of these contributions, the government has initiated a series of initiatives aimed at promoting diaspora investments and savings.
These initiatives include the formulation of a Diaspora Investment Strategy designed to harness the economic potential of Kenyans overseas. Collaborating with the national treasury, the government is also developing a diaspora bond intended to attract investment in government projects, thereby integrating diaspora support into the broader national development agenda.
During the conference, Mr. Munzala identified untapped investment opportunities within the Lake Region, focusing on sectors such as aquaculture, tourism, mining, manufacturing, agriculture, transport, and renewable energy. His call to action urges diaspora members to consider these areas for future investments. He emphasises the potential for impactful contributions to socio-economic development.
The Nyanza International Investment Conference ultimately reinforces the strategic importance of the Kenyan diaspora in shaping the nation’s development trajectory. By fostering effective engagement between the diaspora and national development frameworks, Kenya is poised to advance towards a more inclusive and diversified economic model.