President William Ruto has revealed that Kenya has completed its first-ever comprehensive nationwide mineral survey, saying it has confirmed the country is sitting on significant deposits of strategic and industrial minerals.
The revelation, made on Wednesday during the signing of the Sovereign Wealth Fund Bill at State House, could mark a turning point for Kenya’s mining sector as the government prepares to tap into the country’s untapped natural wealth.
While many Kenyans focused on the new law creating the Sovereign Wealth Fund, Ruto quietly made one of the biggest announcements on the future of the country’s economy.
He disclosed that the nationwide survey had established the presence of valuable minerals that could accelerate industrialisation, create thousands of jobs, boost exports and strengthen Kenya’s economy if managed properly.
“These resources will accelerate industrialisation, create quality jobs, expand exports, strengthen our external position and generate prosperity on a scale previous generations could scarcely have imagined,” Ruto said.
Although the President stopped short of naming the minerals or the counties where they were discovered, the announcement is expected to spark fresh interest in Kenya’s mining industry, which remains one of the country’s least exploited economic sectors.
Ruto also admitted Kenya had previously failed to maximise benefits from some of its natural resources, citing the extraction of titanium in Kwale County.
He noted that the mineral was mined and exported, yet the deposits can never be replaced, posing a challenge to future generations.
“We have chosen to learn from history rather than repeat it,” the President said as he defended the need to establish the Sovereign Wealth Fund before Kenya begins earning significant revenues from oil and minerals.
His remarks come as Kenya edges closer to commercial oil production in the Lokichar Basin in Turkana, a project the government believes could become a major source of revenue if managed prudently.
Under the new law, revenues from petroleum and mineral resources will be channelled into the Sovereign Wealth Fund.
Thirty per cent of the money will be preserved through the Future Generations, or Urithi, Fund, while the rest will be used to stabilise the economy and finance strategic national investments.
The President said the fund is meant to ensure Kenya does not squander wealth from exhaustible resources, but instead converts it into a lasting national inheritance.
With the nationwide survey now complete, attention is likely to shift to the Ministry of Mining to reveal the minerals that were identified, where they are located and the value they could add to Kenya’s economy.